Despite all the media attempts to paint the Lower Mainland Real Estate market as a disaster, it’s not that bad. Yes it is a little slower that the last few years but that really should have been expected to happen at some time or other, that time turns out to be now, but it could not keep going at the frantic pace it was.
I still believe that the future will be an increase in price and a steady market.
If you were to go up to the top of Burnaby Mountain and look West there is Water, East and North mountains and South is the USA, unless there is a whole scale out migration in the tens of thousands or we extend the city, over the border to Bellingham, we are running out of land so land will continue to hold or increase its value and as you know land is the major price component the property value. The house just depreciates in value from new until demolition.
The only alternative is to build on all the farm land and I don’t think any level of government would allow that to happen in a large scale as the cost of food goes up and their re election chances go down after all the true purpose of party politics is to get elected then re elected, and you thought it was to represent the people!
As long as we have a steadily increasing population (
If you were to graph out the market for the last 30 or so years you will see ups and downs, the funny thing is that, normally, the down is never as low as the last down and the high is always higher that the last peak proving that Real Estate is a medium to long term investment and most people who try and continually flip properties will get caught out by a down turn eventually.
Why do we keep getting “experts” come through town and tell people how to get rich in Real Estate when most of these so called “experts” don’t even know that the foreclosure procedure in BC is not the same as the States, people here have rights and normally 3 months to redeem their mortgage after it goes to court and the property has to be appraised and not sold for what is owing but at a fair market value as deemed by the court.