So maybe you’ve seen the news on TV or in the newspapers – The numbers are out and this July saw a big drop in home sales – it was lower number of homes sold in vancouver than in any july in the last five years. This can be a troubling sign for those thinking of buying into the vancouver market, particularly in the condo market where some ‘experts’ claim that townhomes and condos are overpriced and due for a ‘correction’, or that vancouver real estate is in a bubble and we’ve reached the top of the market.
But look at it this way:
There has never been a better time to buy real estate in vancouver.
How can I say that? Does that mean I think that prices will keep going up and up after this pause? Do I have some inside information indicating that july is an abberation and the market will recover and prices will start rising again? No. By all indications it looks like current valuations are at their peak for some time and rising interest rates or any other economic hickups could result in price drops, particularly in the condo market. So how can I say that its a good time to buy?
Simple. It’s all about value. Condo’s in Vancouver have never drawn a higher price than they do right now, and as anyone with even the most rudimentery economics education knows things with the highest prices have the highest value.
What does this mean for you? If you buy now, you are likely to find a 800 sq ft condo in vancouver for around $500k. This same condo may have been priced as low as half that price just 3 or 4 years ago. If prices drop in the future, that means the value of the condo has dropped, and which would you rather have: a $500k condo or a $250k condo? A home is not just an investment- it’s a statement on who you are and if you’re the kind of person that wants a highly-valued condo then NOW is the absolute best time to buy real estate in the lower mainland!