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About Video - Still Waiting on a Vancouver Housing Crash?
Still waiting on a Vancouver housing crash?
In this video, I discuss the thousands of people I have talked to over the last few years that have remained on the sidelines of the Vancouver real estate market.
The objections usually come from a fear of a housing correction, or even an all out collapse in prices. I recall during the pandemic when Evan Sidal, chair of the Canadian Mortgage and Housing Corporation (CMHC) was telling people not to listen to their realtors, and that a massive correction was in the works.
Many of those people are now on the sidelines renting, paying $2800 - $3000 for a one bedroom condo in Vancouver, while watching prices continue to rise even in the face of rising mortgage rates.
Pandemic, geopolitics, the economy, interest rates, a looming recession, inflation, deflation, macro, micro - it never ends. The reality is that market timing is impossible, even by the experts - this is backed up by many peer reviewed studies.
Real estate is a long term asset play, and you should always be buying with a focus on where you will be in the next 15-20-30 years. What happens in the short term is of very little consequence.
The old adage applies here: Dont wait to buy real estate - buy real estate and wait.
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