A monday question for ya’ll, courtesy of a reader, Its a bit more of a manifesto than a question: If you believe Vancouver Real estate is due for a correction, Should you try to talk friends and family out of buying right now?
“It seems to me that most people that believe that real estate prices in Vancouver will correct (as I do) want to warn others away from buying right now – but why? I personally would prefer that any correction is met with less competing cash to bid against. Some people seem to believe that NOT warning people about the evidence of a coming crash is the same as selling people overpriced leaky condo’s. I do not. I think people are responsible for their own financial decisions, and even though prices are very high right now, it may make sense for some people to buy anyways. Not everyone cares to shop around for the best deal on everything, and for some people the ‘having it now’ may be worth the premium. I say let them buy.”
So how about it? Do you feel responsible for warning people about market cycles and sharing data pointing towards a correction or crash? Do you fill people in on the minutiae of whats happening in the US market and how it relates to ours? Or do you let people make their own decisions and if that means they end up with an upside down mortgage then tough?