Hey Guys, I am from the beautiful city of Vancouver in Canada, and wondering what your take was would you buy a home here or investment property knowing what the prices are. To get an idea, look at www.mls.ca (type in vancouver) Thanks, P.S I own a home in Surrey
hell no. bubble gonna pop (median house price divided by gross annual median household income) source: http://www.demographia.com/dhi.pdf
Buy in Toronto, Ottawa and Montreal instead of Vancouver. Vancouver has not taken out its high made during the USA housing bubble. Those other cities had recovered from its pullback and is making new time highs. Housing prices are now higher than when USA housing bubble burst.
I used to live in Van and when I see the prices I'm absolutely speachless, who's buying this stuff? Anyway I'd investigate price behaviour for previous Olympic hosts. My feeling is there's a lot of amateur speculators out there thinking they were gonna kill on the Olympic euphoria that might panic if things start to tank a bit after the Games.
I think you are 100% correct. It would be interesting to see previous RE price behaviour for past olympics. If anyone has anything please post.
Go study the credit default swaps data and figure out why it will take until 2014 for real estate to bottom. Anyone buying now is silly and media brainwashed.
The difference between now and 2 years ago is now you don't have to go nearly as far from the downtown core to find properties that cash flow positive with 20% down. But the core is expensive by any of the traditional value measurements, so it will be a risky investment for anyone who can't hold through a (potential) 30% drop.
and figure out why year 2000 price levels are relevant, all to do with Credit Default Swaps. Even housing prices mean-revert and we are not done reverting yet.