“Shortly before the market peaked I decided to sell my lower mainland home which I had owned for about 10 years. The time of the sale turned out to be good for me, for which I attribute about 90 % of the timing to pure situation luck. I am now looking to rent as I take a wait and see what will happen stance.
I stopped by and looked at a newer condo (< 6 months old) for rent in the SE False creek area tonight and had an interesting conversation with the landlord. She was a younger lady that appeared to be about 30 years old. The condo was in a messy state after the last renter left in what looks like a hurry, with clothes and personal items scattered about the place. She was busy trying to clean it up.
One of the first questions she asked me with a frustrated look was “how soon are you able to move in?” Subtext – She really didn’t sound like she was able to afford to have the place sit for even part of a month.
Her next question was “how long are you looking to stay?” To which I asked “why are you looking to sell it later?” She responded “no, not now. They say the market will likely be down all year, so I it looks like I will have to keep it at least till the end of the year.” Subtext – Could she have bought this condo looking to flip it and make a profit? Now things have changed and is she stuck being an unwilling landlord until the market improves?
Of course this is all purely speculation on my part, but she definitely didn’t look thrilled with the prospect of having to be a landlord until prices picked up and she could sell the place.”
– What goes up… at VREAA 4 Feb 2013 7:26pm
Imagine how sellers-in-the-wings, waiting to relist when the market ‘strengthens’, will react when it becomes apparent to them that the downturn will be substantial, and deep. Falling prices will beget falling prices. This is one of the many reasons we can’t see the decline being all over at 25%-off.