Next topic: Best world leaders
Vancouver's housing market has been experienced rather ridiculous growth over the past few years; however, in the past months things have slowed drastically, and the bubble is looking like it might burst. Why do you think it might? ( Edited by karj )
http://thetyee.ca/News/2007/07/09/BubblePop/
Vancouver, housing, bubble, burst, interest rates, real estate
In a number of cities that have hosted the Olympics, the "build-up" has been exciting, but by the time the event has arrived, the legacy isn't quite what had been expected. As a result, the market cools drastically, as people remember that the Olympics really only last for a couple of weeks anyway. http://www.vancouver2010.com/en
Although this is still a point of speculation, it's hard to find much in print that doesn't point to the U.S. subprime crisis having some way to go yet. The Canadian economy, whether we like it or not, is closely linked to that of America. If it keeps spiralling down, it will take us for a swim too. http://en.wikipedia.org/wiki/Subprime
The affordability of housing has become so out-of-reach that am article in the Vancouver Sun last year noted that "takes 70 per cent of pre-tax income to service basic ownership costs (including mortgage payments, utilities and property taxes) for a two-storey home in the region". Yeesh. http://www.canada.com/vancouversun/news/story.html?id=b61baf66-63f5-4fd1-9ef0-2ed822ff06a1&k=14891
Interest rates are at a low. This can change, and given how high of a debt-ratio many homeowners have assumed, even a 1% increase can make all the difference. Imagine what happens if we see interest rates do what they did in the early 80s... many will find themselves bracing for a wild ride.
See that house? It's currently listed at $499,000. That seems like a lot in some markets, but it will buy you a one bedroom apartment in Vancouver. I don't know about you, but I think that I would find life on the beach rather nice. http://www.bajaproperties.net/asplistingslocation.htm
Tell us what you think....
I think the housing market in Ontario is at its peak too...from anything that I've read or heard on the news - things seem to be cooling off.
My fear is that it will be rather unaffordable for some time to come. That being said, it might be "less" unaffordable then. The market has already cooled in the last little while though, so I think we'll see a little bit of price correction even by fall. (Then of course, I'm a designer, and not an analyst, so what do I know?)
so whens the best time to move to vancouver then? 2011 when people just want to sell the houses for what they can get when there is less demand?
Topic has been sent to your friends.
Please Login or Create an account