I've been reading about the impending crash for a decade now. The most that's happened is that the market in Vancouver cooled down with new mortgage rules and regulations on empty homes. However average pricing hasn't really gone down.
I bought a town house in 2015, downtown Vancouver. Within a year it went up 50%. For a bit it was even 75% at the peak of the market pre the new regulations. Depending on the time of year it hovers between those two ends. Since it's downtown I'm not worried about a crash affecting it too much. However a crash would benefit us for selling and moving further out to a detached home where prices tend to fluctuate more.
That said, again, it's been a decade of people talking about the bubble bursting but I don't see what would cause it?
* Vancouver, like San Francisco, is limited in growth by the geography of the area. So it's not like new development will lower the market prices.
* We don't have a mortgage issue like the US did for the 2008 recession. In fact mortgage practices have become even stricter.
* The distance from the distant suburbs of Vancouver to downtown is paltry compared to commute in the Bay Area or LA. There's room to grow out in that direction. The public transit system is also much better than most American places I've been to. So living further isn't as much of a burden.
Point being: yes the market sucks. But I don't see what would cause a crash? Yes it's unaffordable for many. But I don't see that as a metric for a crash either, just a metric for growth outside of the core.
I bought a town house in 2015, downtown Vancouver. Within a year it went up 50%. For a bit it was even 75% at the peak of the market pre the new regulations. Depending on the time of year it hovers between those two ends. Since it's downtown I'm not worried about a crash affecting it too much. However a crash would benefit us for selling and moving further out to a detached home where prices tend to fluctuate more.
That said, again, it's been a decade of people talking about the bubble bursting but I don't see what would cause it?
* Vancouver, like San Francisco, is limited in growth by the geography of the area. So it's not like new development will lower the market prices.
* We don't have a mortgage issue like the US did for the 2008 recession. In fact mortgage practices have become even stricter.
* The distance from the distant suburbs of Vancouver to downtown is paltry compared to commute in the Bay Area or LA. There's room to grow out in that direction. The public transit system is also much better than most American places I've been to. So living further isn't as much of a burden.
Point being: yes the market sucks. But I don't see what would cause a crash? Yes it's unaffordable for many. But I don't see that as a metric for a crash either, just a metric for growth outside of the core.