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Originally Posted by AWDTurboLuvr

You can already sense pressure on the banks from the Gov't to start raising interest rates. They've admonished BMO and Manulife for continuing to to offer rock bottom rates (shopping around can get you a 10-yr term @ under 3%).

To all the ones that keep saying that "everyone has predicted a crash and it hasn't happened", that's due to manipulation of data, rates and media that makes things appear to be okay. The sheer volume of units on sale and the days on market tell a bleak picture in the Vancouver market. Of course, the REBGV is using their creative Home Price Index to mask the real declines. Looking at the real data for Terra Nova in Richmond, median sale prices have declined a whopping 50%, from $1.388 million to $688,000.

The two groups that are going to get steamrolled by the "crash" are the people that put down very little downpayment and the Boomers who are looking to their real estate assets for retirement.

That is a very misleading statement. Where is the source for this data? a blog? and how was "real data" calculated? I think what really happened was that most of the sales lately have been the older townhouses (~15 years old) in the 400-500k range that dragged the median sales prices down while very few people were selling/sold their houses as the prices dipped. There is no house in Terra Nova (the min. ~1.3m) or even a decent plot of land in Richmond for that matter that goes for 688,000 (realistically you will need between 800-900k). Terra Nova is also one of the nicer neighborhoods in Richmond where everything was built new around the same time so its considered a desirable neighborhood.