Apparently some people haven’t heard the news about the ongoing worldwide RE bust. The CBC reported that people literally lined up to buy condos in Vancouver on the 19th January 2009.
“It really annoys me when greedy, lazy people complain about the cost of housing.
Yes, it is expensive!
Vancouver is the #1 place to live in the world.
Prices are not inflated tho. The price that homes sell for is exactly what buyers are willing to pay – and that is always how it will be. If you are not willing to pay those prices, then either give up on wanting to buy, or move somewhere cheaper. The prices will not drop drastically just because you want them to. Vancouver will ALWAYS have lots of foreign investors. That is the way things are here.
I make $52,000 a year and I own two large townhouses. I bought the last one a year ago. I have never been given any money from relatives or won anything. I dont have any special knowledge or opportunities. I simply wanted to buy a home, and made it happen. And then I wanted to buy a second one, and made it happen. Its not about how much money you make, because really, I dont make all that much! Its about your priorities and the decisions you make. If you really want something, go and get it!
Why buy now instead of waiting till “the bottom” has been hit? Well, we never know when the bottom has been hit until its already gone and prices have started to rise. Also, do you realize how many people are waiting for “the bottom”? Once someone declares that the bottom has been hit, the market is going to be flooded with buyers and there will be lots of competition and prices will rise. Right now there is a huge supply of homes and great interest rates, so even if prices do drop a bit more, you still may get a better deal now, just because there is so few buyers.
Even if prices do drop a bit more, unless you are intending on selling in the near future, it wont affect you. Most people are buying a home, not an investment, so even if prices do go down a bit in the short term, that has no affect on the value of your home say 10 years in the future.
If you want a home, and you can afford one, buy one.“