Of course the boom economy is over, that should answer the question on many Vancouverites mind. You’d have to be an idiot to think we are still experiencing good times. The downturn in the U.S. has precipitated the decline in our economy. Had the United States economy remained strong, I would be writing this 6 months prior to the Olympics.
However, unlike the eternal pessimists and prophetic anarchists who get off on seeing the economy falter and condo projects stall in order to push their own political agendas, I believe this presents an opportunity. An opportunity to buy? Yes but be patient and wait real estate prices in 2 years will be far more attractive than right now. We are due for a 30% correction, minimum. Keep in mind that in the past several years houses have doubled in value and you know the world ain’t right when there was $1 million listings in Surrey. WTF! Even with a 30% correction houses in Vancouver will still be expensive. You wonder why the rich get richer, its because they capitalize on opportunities.
What these times also present us is an opportunity to learn. We are in the middle of the worst financial crisis in a century. I urge you to learn from it, save your money and deploy it when the time is necessary.
After 2010 more international development will flow into the city, and remember another million bodies will embark upon the Metro Vancouver region in another 20 years or so. They are going to need houses and unless they are on welfare the government is not going to build you a place to live near downtown. Sorry hard working folks, you must commute to paradise, because the poor and individuals unable or unwilling to work have first dibs on prime Vancouver real estate. How ass backwards is that?
By now you should be aware that the free market moves in cycles, right now it just happens to be heading south. What a revelation, I thought that house prices will always continue to climb. Egregious. This cycle has just begun and panic has set in, it will be over when people stop talking it.