Coquitlam is still good value.Most likely somewhere between Port Coquitlam & Maple Ridge. From Coquitlam westward prices are just too high.
one year add 45,000 more new immigrants to the lower mainland, 2 years 90K...thanks for the answers Eyesthebye2. I guess you are saying buy now don't wait? That was my original question.
Coquitlam has some value. I see value in land too. But for under a million most places are old and small. My wife won't live in "the worst house". She would prefer a small piece of land with a big newer house on it. I would prefer an older smaller house with more land. Time to get a new wife (LOL) as a newer large house on a large piece of land is out of the question. That would be over 1.5 million in Coquitlam which is over my budget.
Anyone else? Geyser? Whipmaster?
Fabien » Mon Feb 28, 2011 11:16 am
I couldnt have made it clearer that im talking about now!
Back in 2009 I was one of the few casting doubt on the incredibly wild claims of a 50% (75% in some cases!) Vancouver crash. I said that some of the posts and graphs were agenda driven.
You didnt hear me questioning the wisdom of a (your) SFH purchase back then. On the contrary, rates we low and the prices had fallen - factors that many on here who were predicting armageddon inexplicably chose to overlook. You're home and dry in the long run and fair play to you,
Im talking about the here and now, not the yesterday! This is where we part paths..
Detached buyer now had better be very rich or very brave, that's all im saying..
This thread is hilarious. its like amateur hour for reckless gamblers!
Advice thus far: Follow the refugees! - they've got a million or two to splurge! Or TFW's! When they're not too busy doing the jobs we wont do for $10 an hour they're out buying / renting SFH - didn't you know?!
It's all about land! Yes Canada has no land! Forget price, location, the huge ALR, the border, median wage - its all about land! $1 million, $2 million, $3 million per plot - it really doesn't matter!
Look. It aint that cut and dry. I already suspect we have too many condos. Im pretty certain that investors are buying the majority, I'm even more certain that its only record low interest rates that are keeping these 'investments' from being cash flow negative.
Ironically it's only Whipmaster thus far who also has the correct market insight if you ignore the absurdities about refugees and TFW. This market has been taken to impossible levels by external foreign money - or liquidity. We (or enough of us in poorly paid Vancouver) just can't get the credit to take it to these impossible levels.San Franciso, or New York, or even Seattle we are not. In macro terms it defied logic some time ago.
So imho... When rates go up on a consistent basis the market WILL go the opposite way. Bottom (condo) will be hit first, as the far, far too many investors start losing money month-over-month and look to bail, then up to SFH. Its only a matter of when, not if. When rates (mortages) go up.
Again imho.. if foreign liquidity dries up through regulation, greater tracking, increased taxes, some actual political strength, etc then the market will be hit top (SFH), flowing down.
If rates go up and foreign liquidity dries up then who is gonna be doing the buying? These are million dollar trades. All bets are off. Anything could happen.
Again just my opinion. Rates may stay low forever. External foreign liquidity may be allowed to flood into Vancouver unabated for the next decade due to political you-know-what. The RE party could carry on, and on and on. I happen to think it wont. In 2009 there was room, but this is 2015.
However on thing is certain. This iSNT a one way bet. Be careful and be prepared for all eventualities. That is the only sober assessment right now in late 2015.