Ownership rates are at all time highs, FTBs are younger and younger. In short, much demand has been borrowed from the future. But there are still a handful of Vancouver RE bears on the sidelines, watching the market and waiting for price drops to buy. They are in a very small minority, but we think that the overwhelming evidence is that they are going to be getting opportunities to buy at substantially lower prices over the coming years. -vreaa
This from betamax at RE Talks 23 Jan 2010 00:57 am -
“I expect to buy next winter [2010-2011]. If prices still aren’t falling again by then, maybe I’ll just start believing that (a) Vancouver is a magical place divorced from fundamentals and (b) maybe the general economy has dodged a bullet, even though the future is low growth and higher taxes. I currently pay very low rent for a very nice place, but if I think that the market is going to continue up then I’ll jump back on the wagon, and we can afford even these idiotic prices. I just hope we don’t regret it a year or two later.”
