The following was submitted by a local realtor, we have removed identifying information because we have a policy against using story submission as a promotional tool, but their post is the flipside opinion of what is normally covered here.
The realtor is welcome to identify themselves in the comment section below, but before they do they should understand that this site is visited by a few thousand people a day who believe that now is one of the worst times to buy real estate and there is no active policing of comments on this site. All comments are self moderated by the readership of this blog.
The Real Estate Board of Greater Vancouver released its new numbers suggesting that sales are down 28.6 per cent since November 2011 and down 12.7 compared to October 2012.
Some may view this as a negative thing, others, the bargain hunters view it as a positive. Its a buyers market where where a buyer could save thousands or perhaps hundreds of thousands on a property that just six months ago was selling at a substantially higher amount. Real estate operates on cycles, this is a rare time when prices are going down rather than up. Last down turn I personally know many people that bought at a low price and sold for a high price and made more money in just one transaction than they could in 3-5 years working their day job.
I strongly believe that this is the opportunity that many people have been waiting for. We can sit on the sideline and a few years from know talk about the opportunity that was missed, or buy now and profit from the downturn.
Many visitors here will likely have opinions on timing this particular market cycle so we won’t opine on that, but this comment from Best Place on Meth points out that at the current rate of decline the benchmark price of a REBGV home is falling at $300 per day. So if you’re paying less than $300/day or $9000 per month for your housing in Vancouver you’re doing ok.