To your question, there are some cities, in which, the prices were increasing faster, then in others, like: Edmonton, Vancouver, Saskatoon and so on.

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I have developed property in Vancouver for the last 20 years. I bought my last properties about 9 months ago and I am NOT buying anything else.

Part of the problem is that people think they can buy some real estate for little down and when it comes time to take possession just dump it for easy money. That coupled with the fact that a lot of younger people have never seen a real estate downturn, as well as the fact that EVERYONE seems to be a real estate mogul or speculator in Vancouver and around BC right now.

I have news for these people. At 1000+ per square feet our prices compare to dense world centers like Paris and NY. This is not sustainable, nor will the prices keep going up. Prices now are over valued and more and more higher end properties are being rented because they cannot be sold.

People here will soon see what we have seen all over the world and even in Vancouver in the 80's and 90's , housing prices flattening and even declining. Once prices start to come down watch the max exodus to get out of the market and try to cash in. The US market, the world financial markets, the lending and subprime markets in the US, the cap people of put on paying these rediculous prices, and the unaffordability in general will drive prices down.

Forget what you have heard beforemat 1000+ per square feet for nothing condos, terrible layouts and zero space, no reasonable market specialist can honestly tell you these prices are sustainable or cannot or will not fall. Take it from a developer, we all want to keep prices jacked up but it will bite us later if they do, the city wants property taxes so they want prices up. The Olympics have been prices in twice over and a market ceiling is here.

Long term real estate is never a bad idea, but watch for a market correction in the short term. Don't beleive me, it is happening now in North Vancouver and other parts and all those with blinders on trying to sell you a 900 square foot 2 bed/2bath downtown for 1 Million have been laughing until now, including me.

I hope thise market can correct before the entire landscape of the city is ruined and all single families have been forced out of Vancouver leaving a place that many cities have been and wish they never were. Lastly if you are thinking about speculating on Pre Sales, this is the first market to see a downturn.

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OWNED!

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A.This situation is similar to a work place if all worker go on strike for ever that bussiness will be dead.

Q.Are these still a great investment Krisshh?

A.Yes,I had explained the building get feuled with upto date construction cost,similar to renovate interior.

you can measure the fear if whole of the building is listed in mls only few people like to sell so catch them before they run.

Q.Correct me if I’m wrong but it seems your position is that we should all go out and buy today at these all time highs because consumer confidence is good today and that means that the prices will go up forever.

A.You have to think of your best if price go up further you affordability will errode by much bigger appreciation.

The best solution is if you can afford monthly payment choose a home a best neighbourhood you like you will be better than those who are just good or very good,if you look to make money rather than peace of mind, I do not advice to anybody in that category.

Q.Do you understand what happens to consumer confidence when there is a recession?

A.Recession is a fear if that wont let you sleep you should buy full pack insurence which cover all clauses from job loss to anything else.

seems like you have a confusion about wisemens

Foolish people make homes(developer,engineers,architects,buyers and genral labourers)

wisemen live in them(renter or tenent)

sorry out of time I think there nothing much left to explain.

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Certainly some of the questions were relevant.

I see he countered that there is a 2-5-10 new home warranty, which is great except the leaky windows shows up afterward the warranty. Note the high rise that's about 14 years old, I think it's 11C Drake, is about to or has already been tarped and there is another one of a similar vintage building on Richards (1400 block).

Are these still a great investment Krisshh? Are the "wiseman" lining up to buy them?

If no, does that mean only new units appreciate?

If only new units appreciate, won't these new units be ten years old in ten years? Are you saying that we should only be buying new units?

It seems to me you asked for questions and when i served them up you spat out some regurgitated realtor speak and tried to bring up consumer confidence as a distraction.

Whether I own or rent is irrelevant. I may have a considerably higher net worth than you due to a fluke like inheriting more money than I could ever spend or caught a lucky break by being a contrarian when everyone else was running away from the market ten years ago OR I could be the guy panhandling outside your building and living in an SRO in the downtown eastside.

I could also be a realtor. You really have no idea what my situation is nor do you have any idea how the basic principals of economics works.

To you supply and demand means nothing because past performance has been good, which everyone but you seems to understand is intrinsically flawed logic.

The point is buying real estate today is a bad idea. There are endless statistics to back this up.

All you've been able to do is write rambling responses talking about fictional wise men buying now because they are better than me, or something…

Correct me if I'm wrong but it seems your position is that we should all go out and buy today at these all time highs because consumer confidence is good today and that means that the prices will go up forever.

Have you ever seen what happens in a recession?

Go and ask a boat dealer for a 2000 model power boat, he'll explain to you that they don't have year 2000 models but they have a lot of 1999's.

Go to the RVYC and ask the first person you see in the parking lot. They'll explain that they had to have membership drives that year and the membership price was halved while boat sales were almost non existent because the economy was down. For the most part the members of the RYVC are educated and worldy and most of them at least playing the part of being "wise men" so I trust you'll believe their responses.

Please explain Krissh, how did consumer confidence go down between 1999 and 2000?

Could it be because there was a recession?

Do you understand what happens to consumer confidence when there is a recession?

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