Quote:
Originally Posted by LancerBoy
It's stupid going 20-30% over asking in bidding wars when we know house prices are at the peak right now unlike buying in the 80s/90s; this means it is no longer an investment and it can only come down. Also, mortgage rates will definitely go up within the next 30yrs, guaranteed. Then good luck increasing the rent on all your shared tenants because city of van doesnt like rent increases, while trying to balance the books.
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I agree with everything you said except for the bolded part. If the last 20 years of Vancouver real estate has taught us anything, it is that this market is insane and unlike anything else in the rest of Canada. Also, given the global COVID debts and how governments around the world have fallen in love with printing money to get themselves out of trouble, I'd say inflation is a real and serious risk that could further artificially inflate that RE transaction price.
I'm not saying price will stay elevated forever. But in the immediate future, it isn't going to happen, and nobody knows when it is going to happen.