Quote:
Originally Posted by Hondaracer
The people who are leveraged heavily into their home/mortgage would arguably be as big a "crisis" as the unaffordabillity imo.
People who think their retirement is relying on an 800k house that drops to a 600k house? $200,000 is 10 years of life when youre 70. And a correction of 200k is being more than generous imo. You really think there will ever be a time where east side homes will be under a mill again?
Builders and developers who are working with slim margins to make a profit as is would be ruined
I think the market will slow, but prices..look around...
I was at Canada place today to go watch the fly over Canada and there were 200+ Asian tourists with their families taking pictures and selfies with the water/mountains in the absolute pissing rain. And you know what? The scenery and city looked absolutely fucking Gorgeous.
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markets move in cycle. vancouver has been on an up cycle for 15 years or so except the short term blip in 2008/2009 so i don't see why it cannot correct for 5+ years. there is no major economic catalyst like a booming LNG industry that will create huge employment in this province in the near term.
it's important not to let the recency bias blind you because there are a lot of other beautiful cities in this world that have experienced correction i.e. Seattle and san Francisco. and the fact your rhetorical question mentioned van east home price may never dip below the 1 mil mark again makes the contraian in me think it might actually be possible.