“In 2000 I got married, and my wife and I decided it was time to get something more than our apartment. We were making just under 100K combined back then, and bought what we could afford. In retrospect, very good timing, but I didn’t time the market in any way.
Truthfully, I don’t care. I like my home, I like where it is, it suits me and my lifestyle – so yes, I guess you could say I’m attached to it. I’m 40 years old, so I’ll probably be here another 10 or 15 years until I stop working, and worry about the next phase of life then – maybe its here, maybe its not. While I don’t believe that housing will keep going up like it has – I’m pretty bearish on Vancouver real estate – I don’t think it will go lower than what I paid for it either. I don’t really care until its time to sell it.
The only people that think of Vancouver homes as “lottery tickets ready to be cashed in” seem to be the ones that don’t own them, or the ones that merely flip them. To the majority of owners, they’re just “homes”.”
– nuxfan at vancouvercondo.info 23 Aug 2011 7:18pm
We respectfully disagree with ‘nuxfan’.
One result of the speculative mania in Vancouver RE is that it has been absolutely impossible to ignore. For most owners, homes are now more than “just homes”… they are, consciously or unconsciously, also considered stores of wealth; they are partly financial instruments. To suggest that owners are oblivious to this, or that their psychology and behaviour is unaffected by an awareness of the ‘value’ of their property, is either naive or disingenuous.
‘nuxfan’, himself, for instance, plans to “stop working” at 50 to 55 years of age. Does the projected market value of his house factor into that expectation? We can’t be sure, obviously, but we’d wager it does.
Note that this doesn’t mean that we’re arguing that all owners should sell.. just that any owner who claims “not to care” is deceiving themselves, or others, or is so wealthy that the value of their home only constitutes a small percentage of their overall net-worth. And in Vancouver that last group is very small.