“Things look pretty out of control, that’s a given. As crazy as the market in Vancouver seems, what we have to accept is that any piece of property is worth exactly what someone is willing to pay for it, and not some calculation/forecast made sight-unseen for the purposes of taxation (for example). These prices are the reality of our city, and the people who “over pay” for their purchases will rest easy knowing that if you buy and hold, property is the safest investment in the world!
We can certainly keep shaking our heads at the perceived Madness of the prices paid, or we can try to shake off the feelings of “Wow, this is just nuts! When does it end?”, and get in while a Basement suite is still AFFORDABLE at $589k!
“The end is in sight” doesn’t apply to something that never has an end. There are deals out there that appear better than this one, by almost any measure, so get the deals while we can, because the dreams of those like myself who grew up in Vancouver, of owning property and living our life out here, are only going to get more “Dream” and less “reality” by the day!
Good luck to all land-owning hopefuls!”
– comment at VREAA posted by ‘Adam Janusz, RE/MAX Select Realty’, 13 Mar 2012 11:36am
A Vancouver realtor’s volunteered opinion on the market, circa March 2012.
Archived here for posterity.