From Lisa Gibson, Vancouver Realtor, self posted video at youtube, 18 Nov 2010 – “Hi, I’m Lisa Gibson, with MacDonald Realty, I help people buy and sell homes in Vancouver.
“Should I buy now or should I wait until the market slows down?” – This I get asked a lot. Generally, as most of you know, any of you who have waited more than a couple of years, have been outpriced by the market. So, I guess, overall the answer is, if it’s your home, you’re better off to buy when you can afford to buy, than [to] wait.”
From blurb accompanying the video:
“If you are waiting for the Vancouver real estate market to go down – don’t hold your breath.
Three years ago I had a client who was convinced that the Vancouver real estate market had finished it’s run and the bubble was about to pop. Three years later, prices are even higher and he now cannot afford to purchase.
The Vancouver real estate market has seen a steady increase for the last 10 years. This is in large part due to two factors: one, the fact that we have very limited land space in which the city can grow; two, we have a steady stream of immigrants from China who keep pressure on the market which in turn keeps our Vancouver and Richmond real estate prices from collapsing.
Generally, if you are buying a home it is always a good time to buy in Vancouver. Even if the market drops slightly, you are paying down a mortgage and building up your equity.”
This is always the story in a bubble, those on the sidelines look stupid until the whole things comes crashing down, then they look wise. Still, painful for the prudent in the meantime.
Also noteworthy for the “building up your equity” and “(real estate always goes up (don’t hold your breath variant))” chestnuts.
Addendum: This honest impression from another Lisa Gibson video 18 Nov 2011[excerpted from video and blurb] - “How Do People Afford Homes In Vancouver? I don’t know! If I did, and there was some secret I would definitely share it here. I see some young people either getting money from parents, or the money is coming from overseas, or.. I just have no clue.. because they certainly are not making the money that can afford the prices that these homes sell for in Vancouver. [emphasis ours. -ed] Frequently I see young couples purchase an $800K plus home, in Vancouver or Richmond, and they are only in their early 30′s. I have no idea how they can afford it. I often wonder if they are just completely maxed out on credit.”