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A watched pot never boils. Too many housing bears watching for a major correction therefore it probably will not happen. For housing to have a significant correction in Vancouver and rest of Canada, interest rates needs to go up a lot more than where it is today. Rate were 5+% back in 2007. So 3% on the US 10-yr today is still pretty low by that measure. You also have to believe Canada is going into an economic contraction of some sort which is not likely in the next year or two.
That is not say it's all clear and buy a house. Each person has their own needs and preferences. I am renting because I just don't see any value in Vancouver properties compare to properties in California. The house I am renting (which the owner tried to sell) has a staggering price to rent ratio of 70. The return he is getting from my rent before tax doesn't even keep up with inflation. But if you are wishing for a blood bath (30-40% price correction) like what happened in US then you are probably dreaming.
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