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WAN
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Registered: 10/20/14
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Anybody familiar with the Vancouver housing market?
#22037087 - 08/03/15 10:51 AM (8 years, 5 months ago) |
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Hello. A bit of background: the housing market in Vancouver has been rising steadily for the past 15 years or so. Now everything is so expensive here. I just saw a one-room one-den highrise unit that's asking for 450K. Yes, you can say that things are way over-heated.
I have been considering buying real estate recently, however I kind of hesitate because a lot of people say the Vancouver housing market is going to crash. They say prices are going to go down 30%. I don't know if these people are right or not. I know that people have been saying the same thing for the past ten years but instead of seeing a crash, the housing prices kept going up. So I don't know.
Any of you guys knows how to properly analyze housing market? Got any experience with the rises and falls of house prices? Share your thoughts with me.
Edited by WAN (08/03/15 10:56 AM)
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geokills
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Registered: 05/08/01
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Re: Anybody familiar with the Vancouver housing market? [Re: WAN]
#22037516 - 08/03/15 12:38 PM (8 years, 5 months ago) |
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My thoughts are that buying real estate for you or your family to live in, that is within your means to afford at current prices, is never a bad idea. But buying real estate as an investment, or with a lot of leverage (i.e. debt) that you may struggle to afford, is dicier because things do appear to be highly valued right now.
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Ahab McBathsalts
OTD Windmill Administrator




Registered: 11/25/02
Posts: 35,109
Loc: Wind Turbine, AB
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Re: Anybody familiar with the Vancouver housing market? [Re: geokills]
#22037603 - 08/03/15 01:00 PM (8 years, 5 months ago) |
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It is very expensive in Vancouver by most metrics. Although BC's economy is doing well, and the low dollar is helping tourism, the good times can't go on forever.
Some risks to BC's housing prices are: An NDP win in the october federal election A clamp down on foreign ownership of property Continued downward pressure of Chinese stock market and margin calls requiring a firestorm of sales for Chinese owned houses in vancouver.
That said, Vancouver is still one of the most beautiful cities in Canada and will continue to be.
-------------------- "Nobody exists on purpose. Nobody belongs anywhere. Everybody's going to die."
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WAN
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Registered: 10/20/14
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Re: Anybody familiar with the Vancouver housing market? [Re: Ahab McBathsalts]
#22038591 - 08/03/15 05:30 PM (8 years, 5 months ago) |
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Thanks to both of you for your advice.
A bit on my situation: the main reason I want to buy a condo/apartment is so that I get to preserve my hard-earned money. Right now I have only two choices to put my spare money: the stock market, or the real estate market. I don't want to put all of my money in the stock market, as it would be too risky and possibly dumb (dont put all your eggs in one basket and so on and so forth). I figure if I put some of my cash towards real estate buying, then at least I will be owning real, physical assets.
If I do end up buying real estate, it will be like a "mixture". As in, I will be renting it out for the first 7 years, then after the 7th year, I will move in myself. So it's in between me being a home-owner and investment.
P.s. do you guys think the housing market will come down soon?
Edited by WAN (08/03/15 05:33 PM)
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DieCommie

Registered: 12/11/03
Posts: 29,258
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Re: Anybody familiar with the Vancouver housing market? [Re: WAN]
#22038951 - 08/03/15 06:45 PM (8 years, 5 months ago) |
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Quote:
WAN said: P.s. do you guys think the housing market will come down soon?
I hope so, but I don't know. In my area houses are $250k and average income for a male is $39k... I make almost double that and still can't afford a house. Its ridiculous.
I like geokills advise. Applied to you that would mean don't buy, because you don't plan to live there. The problem with just buying to live not to consider it as in investment or future price is that you can get stuck if you are upside down. That scares me because I like being able to move if job or tax situations change.
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