The Vancouver Real Estate Market
These days, the#1 question I am being asked is my prediction of the market. “What will my home be worth in 2 years” seems to be the popular one. Although I wish I knew the exact answer and I appreciate my clients confidence in me I of course do not have the crystal ball when it comes to the Vancouver Real Estate market.
However, if you think back into Vancouver Real estate; when has it been a bad time to buy? It is all about when you sell. Of course, if rates go up to 18% like in 81/82 we are all in trouble but there is not much we can do about that.
Remember those who bought Vancouver condos in 2006 to 2007 ish. Then the bubble burst from our friends down south? If you absolutely needed to sell around then that was not a great situation. But, if you held until 2010, 2013 and especially 2016, you are sitting pretty.
“I am waiting for the Vancouver market to correct”
That’s great. How long have you been waiting? Because if you have been waiting for the last few years you need a correction of around 50 to 6o %. Hmmm. Maybe you should have not listened to the news channel or your parents or friends or financial advisors…!
Let’s take a look at the HPI for Yaletown condos for example. Did you wait ?
The HPI benchmarks represent the price of a typical property within each market. The HPI takes into consideration what averages and medians do not – items such as lot size, age, number of rooms, etc. These features become the composite of the ‘typical house’ in a given area.Not your ‘average’ price
Each month’s sales determine the current prices paid for bedrooms, bathrooms, fireplaces, etc. and apply those new values to the ‘typical’ house model.
See below for the full PDF
At the end of the day you are not going to go from renting to buying a luxury penthouse in Yaletown. But, start somewhere and build your equity. Speak with a mortgage broker, borrow money from mom and dad (and pay them back). Most Vancouver residents could not come up with the initial down payment on their own. But once you get that down payment, buy a home and start to build equity – you will never look back.
As a Vanouver Realtor since 2006 and member of the top 10% Medallion Members club I have learned that in Vancouver there are 2 types of people. Those who buy real estate and those who don’t. If you want to complain on the sidelines for the rest of your life that is your choice. But if you want to work hard, save up and do whatever it takes to get off the bench and buy a home or condo, you will not regret it.
Always feel free to contact me for information about buying in Vancouver.
For further information about the real estate market in Vancouver and current trends, contact Top Vancouver Realtor Leo Wilk.