No matter how insane the Vancouver housing market gets, don’t take too much comfort in the fact that it can’t get crazier. For all the logical arguments and reasoning, those who are negative on the price of Vancouver real estate have been more wrong than right for years.
Ulsterman points out one take on this situation:
I just renewed the rental on my $1.2m rental SFU for 2k/month. I great deal no doubt. But i’m dealing with a wife and three kids. My very patient wife would of course like to make changes and modify her nest. I mean, all her friends are doing it. I’m actually surprised I’ve managed to to suppress the mutiny thus far. Yes honey, just wait, the price correction is JUST around the corner. Every year we wait in nervous anticipation to know if we will be uprooting the family to search out another home.
If you have a family rental living is just a pain in the arse. Buying in 2005 or so and just getting the fuck on with your life would have been the best choice. And don’t think to yourself, “well duh, of course i’d have bought in 2005!” Back then, the people who read these blogs were the people who didn’t buy because they already thought there was a bubble. It’s really easy to look back now and say if only i’d had a downpayment back then i’d have bought. You probably wouldn’t have because you’d have been reading stuff like this and thinking a bubble was forming.
If you are a new bear out there, take no comfort reading these blogs. You could still be reading them 10 years from now. Seriously.
Read the rest of the comment here.
Sure, condos haven’t done so great in the last half decade, but detached homes keep going up and up. At what point does this market affect your major life decisions? Do you capitulate and buy what you can, keep renting or are you considering a move away from the metro area?