Pointed out by southseacompany: all the major political parties want to help you buy a house and the promises are piling up.
They all love the idea of taking taxpayer money to drive up house prices, the current government even wants to get in on the speculation and help out with a 5-10% shared equity program.
The government also confirmed that, because the program gives it an equity stake in the mortgage, it will share any gains or losses in the value of the home over the life of the loan. Any money the government makes on the program will go back into general revenues.
Read the full article here.
Best if you’re hoping for price drops on real estate that is.
We dont have official numbers for March yet, but realtor Steve Saretsky says that we just saw the lowest March sales numbers since 1986:
Saretsky said prices are in fact taking a dip, however the slide isn’t evenly distributed.
“You know you can probably get a 40 per cent discount at a house in West Vancouver, but you might only get a 15 per cent discount on a house in East Vancouver.”
He added that condo sales also saw an 18-year low last month.
Of course he did say this on April 1st. Read the full article here.
It’s the end of another glorious week and that means it’s time for another glorious Friday free-for-all!
This is our regular end of the week news round up and open topic discussion thread for the weekend.
So what are you seeing out there? Post your news links, thoughts and anecdotes in the comments below and have a fantastic (and glorious) weekend!
It’s the end of another week and that means it’s time for another Friday Free-for-all!
This is our regular end of the week news round up and open topic discussion thread for the weekend, here are a few recent links to kick off the chat:
–Scary low inventory
–Will prices flatline instead of crash?
–Foreign income program rumors
–40% of BC $200 away from not being able to pay bills
–RE provides 75% of donations to Vision Vancouver
–Rate hikes a big deal?
So what are you seeing out there? Post your news links, thoughts and anecdotes in the comments below and have an excellent weekend!
A comment from Ulsterman to kick off the new year:
Well, it’s been almost 15 years of being wrong about this market. Yup, believe it or not back in 2003 people thought prices were too high. Yes, it’s comical now, but at the time when you watched a Commercial Drive condo go from 80k to 115k within a year, people were worried about buying at a peak….
Anyhow, 2018 certainly looks like there are many factors aligned against rising prices:
1) SFH prices have already been falling
2) rates are rising
3) more restrictive lending
4) a kinda/sorta foreign buyers’ tax
5) the upcoming stress test
6) insane debt levels
What i have learned through bitter experience is that the LM market can be incredible resilient, so i won’t get my hopes up for a really significant drop in prices, but i genuinely do think SFH’s will be cheaper a year from now. Will it make a difference to me? Unlikely.
Good luck to all of you in 2018!