Okay-I really can't take it anymore...last week I was collecting articles from the Globe and Mail, the Vancouver Sun, etc and listening to all of the commentaries on CBC radio (and pulling over on the side of the road to take notes). I had planned to go through them all to comment specifically on what is happening and what people are saying-but its too much. Every single day last week there was more than one media item on the issue...most saying the market is crashing, bubble popping, etc. What most of these articles failed to comment on is why there is a slowdown-and how insignificant it has been to date. It also seems to me that the changes are being primarily driven by the media! The other thing that is neglected, is the benefits of this market-many of which continue for the not just buyers but also sellers.
I try to read everything I can get my hands on from as many reputable sources as possible, on what is happening in the market here and throughout North America, and to a limited extent, around the world (apparently there is a lot of money to be made in real estate in Dubai at the moment!). From what I have been reading-and observing-in the Vancouver market, we are having a "correction" but even that seems to have little basis in economic drivers- the usual cause of these things. While the economy is slowing slightly, significant causes of the real estate market changes seem to include public fear due to what is happening in the USA and media exageration of what is happening here.
In Vancouver, we still have near record low interest rates making it much easier for buyers to buy; we still have positive population increases and excessively high rents which make buying as soon as possible quite desirable; even with the market slowing, prices for sellers are still very high; it is a great time to be making investments given there is now time to breathe and make decisions about what to buy; it is a great time to sell and upgrade: even though a seller may not get quite as much for their home as they could have at the absolute peak, they will still do well and if they are upgrading, any "paper loss" they have had on their sale will likely be much more than made up on their purchase.
As I have said in earlier blogs, if you would like to discuss this in detail, in particular regarding how the market changes may affect you, please let me know. And for those who think this is just optomistic realtor talk, fyi-I am selling one of my own properties as I write this and upgrading (hopefully!) to a more expensive property...... Patricia