Quote:
Originally Posted by dave123
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???
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I am still holding a wait and see attitude. Between the uncertainty of interest rates going up in after 2014, and just the sheer amount of condos going up.
A lot of condos that were "going up" last year hasn't "gone up" yet. The Solo district has been selling for ages and it still hasn't sold out, construction has barely started there. Same goes for the second development at Cambie and Marine. Even the first development at Cambie and Marine is only half way done and it was sold out 2 years ago.
Like some one said before(forgot who), due to the quality, area, convenience, etc. some areas won't drop much in price over the next few years, or drop at all, even if the overall market goes down the drain. But considering mortgage interest paid, and overall inflation, these will be depreciating assets.
I may not be as sure that there will be a huge drop now compared to say last year, or the year before. But I do believe at the minimum the market will level off. Which also means I don't lose anything by not buying right now and saving up a bit more.
If people are sane, when they see the market plateau, or does minor corrections of 2-5%, they will hold on to their properties and not make a move. However if people start freaking out and sell, then we have a problem. Its the freaking out that kills it.