Vancouver Realtor Jay McInnes, Sales Agent, Macdonald Realty, as quoted at PropertyWire.ca, 20 May 2011 – “This is just the beginning. Affordability will be a factor from now on in the Vancouver Real Estate Market. [hasn't it always been a factor? - ed.] The rate that the city is growing and the product ranges that we are seeing, it will get harder and harder to enter the Vancouver Real Estate Market. This is just a fact of life if you are living and working in this part of the world. If you want all of the luxuries that the world has recognised we have here in Vancouver, the majority of people have a very hard road ahead.” … “Without a crystal ball, I believe the market (in general) will continue to slowly rise over the next few years (assuming world economies move positively forward). Don’t forget, after the recession hit in ’08 the Downtown Vancouver market was back to where it began (pre-recession) within 9 months! I greatly thank the conservative levels of Canadian Banking for that and I don’t see that changing any time soon.”
We beg to disagree with Jay.
The uncalled for Vancouver RE bail-out of 2008-2009 is something to regret, rather than celebrate. Like giving cocaine to a dying racehorse to get one last sprint out of it, the ‘emergency’ interest rates gave unwarranted legs to our speculative mania, ensuring that the inevitable crash will be that much more destructive.
And, regarding the “very hard road ahead”… let’s just say that ‘affordability’ will greatly improve… in the form of much lower ticket prices after the crash. – vreaa