“Last week I had a conversation with one of my co-workers, who recently got engaged, about her RE plans. Her fiance and her have fairly good paying jobs and are currently renting. She is a SFU grad and her fiance is a recent UBC grad. She told me she desperately wants to have a place of her own and is thinking about diving into the market. I advised her to wait at least a year and see what happens in spring of 2013 before taking the plunge. She then gave me a confused look and stated: “But aren’t prices still going up in the lower mainland, I mean look at all those sold out presales in the news recently.”After hearing that I knew she has not done any research at all. I then told her to check out this blog [VCI], Garth’s blog, and a few other RE blogs before she makes her final decision. I was literally shocked by her lack of knowledge of current conditions. In the last few months even the MSM has been reporting on the emergence of a “buyers market”. But for some reason she has filtered all those bearish reports and concentrated on the sensational stories of presale sell outs with people lining up just to get a chance to snap up a few units. Sometimes I just don’t get it. People are making financial decisions that will effect them for the next 25 years in some cases even more, and they base their decisions largely by their emotions sometimes irrational and the message being spewed by the highly biased MSM. In my opinion RE blogs are providing a great service to the general public by providing a different perspective of the RE debate and hopefully they can save a few sheeple from becoming the greatest fools of all.”
– Waiting to exhale at VCI December 8th, 2012 at 7:40 pm
The average Vancouver RE market participant continues to view the market as robust.
We expect this to change profoundly in 2013-2014, as price weakness becomes obvious.