Ok, here it is – the random catch all non-topic. Post any comments you have about the vancouver housing market, predictions for the future, rediculous MLS listings, news story oddities or anything to do with housing, bubbles, wealth or what-have-you.
Keep it reasonably clean and civilized or suffer a lawsuit at the hands of some random condo marketing corporation.
Intersting article in the Saturday FP. There is new club in London England to bring together first-time buyers so that they can actually buy a house together. Talk about taking a chance.
A quick peek at Ben Jone's blog or VHB shows that things are going to get a lot worse before they get better. Seems like the Comox Valley is starting to come down to earth as listings start to languish.
I live in the Burnaby area and often travel through New West. I see more for sale signs now than at any other time over the last few years. I also notice some price reductions via emails I get from a few realtors. I don't know if it's an actual down-turn but I think it just might be. This latest boom was the product of low interest rates, decent economy, flipping RE and the fear of missing out. The final point, I think, made many people buy at prices they could not afford. The slight raise in mortgage rates is enough to cause some of them to look at selling.Yes, this last boom may have created more long term problems than benefits. We'll find out sooner than later.
digi -I think the first place we'll see weakness and dropping prices is in recreational and 'retirement' oriented property – the sunshine coast would definately be part of that market – Also gulf islands and interior. I think Vancouver will be a bumpier ride down.
Here's my prediction: low sales in August, prices starting to show weakness, inventory building up. September prices weakening sales low. October prices pop up sales up. November sales down prices flat. December sales start to really fall.
I'm traveling up the sunshine coast for the long weekend, and I can't believe the number of for sale signs between gibsons and pender harbor – I've been doing this trip for ten years in a row and I've NEVER seen so many signs. Are we seeing a whole lot of turn-over or are they simply not selling?