Quote:
Originally Posted by dave123
A lot of people refer to the large number of condos being built in greater vancouver and toronto as over building however you really have to compare that to the number of new single family homes (not tear downs, but net new houses) being builtt which is declining. So if you factor in population growth the real estate market is absorbing these units.
Back in 2005 to 2008, the news papers were saying the same thing about all the construction and new developments prior to the olympics. If you check now all those units were absorbed by the market. vacancy rates are still quite low and rents are still high.
I know someone who's still waiting to get in the market hoping for a major correction. If you have the money just jump in if its your primary residence. If your looking for investment you can be more cautious and look for deals or wait for small dip (and there have been a few since 2009). I bought my first place in 07, sold it last fall and got back into the market this spring. It was a bit slow then and I got deal on my place.
This China money is going to keep coming which gives our market healthy bump.
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I havent logged into RS for almost a year now, I posted this back in Oct 2013.
So here we are about a year later.
No burst, prices in vancouver have all gone up.
Even though the immigration visa rules changed, the flow of china money keeps coming.
There's also a huge transition of wealth from older generations to the young providing down payments to first time home buyers.
Looking back at last year, Ive noticed that pockets of Burnaby have gone up quite a bit.
I'm interested to know what you all think now???