Yep, Vancouver house prices are dropping. The REBGV benchmark price is down about 4 percent since May 2008. I guess that means we only need another few percent to meet ‘equilibrium’ according to this recent Sauder study on overpriced Canadian real estate.
Interestingly enough that Sauder study compares asking rents from Craigslist, so another option to reach ‘equilibrium’ would be just to post a bunch of much higher asking rents on Craigslist. That way we wouldn’t have to deal with the indignity of dropping house prices.
In the meanwhile, potential first time home buyers watch prices drop and hope for affordability.
Got a better idea of what you could buy with that money? Leave a comment below!