Honestly it will probably beyond 2015, because all finance ministers prefer Canadian $ to be in the 0.7-0.8 range, especially when the big unions out east like UAW are renegotiating. Since BC have negligible export manufacturing we are just along for the ride.
The longer you do compounding appreciation, you will need more catastrophic price correction, which will be less likely to happen.
The reality is if you are born after the 80s, unless you in a profession that have earning power starting 100k+ pa or you manage to bat a home run like Hootsuite or QLT before. It is unlikely you will be able to buy a home in Vancouver. If you want to live and raise a family in the city, I suggest you consider forming a coop and apply to have land leased to you for a song. (joining one is too late now, eg the one on Fraser has 500+ people in the waiting list). Creative thinking is required, it is better to explore what you can do with your circumstances than hoping for something to happen.
Revscene coop?
Quote:
Originally Posted by EvoFire
BoC already committed to the fact that they won't raise rates until 2015, so I'd say you are looking at least another 12 months away.
|