timber2012 wrote: tdma800 wrote:And this is what its all about.
Its about the mainland chinese.
Its about buying now or being priced out forever.
Its about renting is throwing money away.
Its about a lack of land in Vancouver.
Its about the mainland chinese bailing and taking losses as quick as possible.
Its about buy now and overpay.
Its about renting too much money from the bank is throwing money away.
LOL - poor realtors. Still holding on for dear life. Some are even bailing on RE in Vancouver.
The changes in mortgage rules were timed and designed to offset the continued upward pressure on prices, stemming from the facts a) interest rates will be low until 2015/2016, b) the coming round of quantitative easing coming this Fall. Unfortunately, and it gives me NO PLEASURE to say this, over the next few years, RE will keep going up and tracking inflation, as it is a hard asset that hedges the dramatic and very obvious debasement of hard currency that is happening right now. That being said, I expect to see short-term declines in the most bubbly segments i.e. overpriced lots with bad layouts, lots, etc on the Westside.
It obviously sucks for people who don't make enough to buy in this market, even a condo, so are stuck paying the very high rents for just marginal suites. I know people who are stuck in this situation. If I were them, I would have moved long ago.