Vancouver real estate finally gets real

www.businessinsider.com...

"Vancouver Home Sales Plunge 30% -- Now Comes The Price Collapse"

Is anybody really surprised?

I hope not.

Let them drop!

Second pine.

I'm circling like a vulture, myself.

Second tree.

Exactly, everyone knew it was coming. I'm trying to convince my girlfriends parents that they should find a nice house to rent for a few years and sell their property now while they can still get good money for it. They don't have a mortgage or any loans so they can afford to rent.

Then they could downsize like they wanted in a year or two when the market has tanked and make money in the process.

The housing market had to correct in Canada, especially Vancouver. It was unsustainable in the long term. It takes 2 incomes to own a home in Vancouver a 1 of those goes to the house solely. Thoses incomes better be in the $50 000/year range also. It has the long term effect of driving people away from the area and actually hurts the local economies as the talent pools go somewhere that has reasonable housing costs.

Good news for me. I've been waiting for this to happen. Everything that goes up has to come down. Housing prices have only been going up for a decade. They had to crash as nobody can afford a home anymore.

This rule probably has several variations but someone once told me you should take your yearly gross salary/wages and multiply that number by 5. That's how much you can afford to pay for a house at your salary level and still have a life where every spare penny isn't going into your house.

I have several friends who jumped into the market in the last few years and paid a lot of money for fixer uppers and now don't do anything because all of their spare money is tied up in the house.

To me the above isn't living.

To quote TYLER DURDEN "Things you own, end up owning you!"

To the patient ones who waited, we shall see if it was worth it!

canada is a strong country with good values and decent people dispite what happend at the g20 summit they will survive they alwase have and as one of the few ccountrys to invade america and succed i have faith that they will endure for centurys to come

im american and i dont blame canada for anything but celine dion but thats half the frenches fault anyways!

reply to post by KilrathiLG


I would trade you guys Celine Dion for Polly Shore?? C'mon they're both annoying as hell but at least Polly Shore can occasionally entertain me. Celine Dion does nothing. LOL

We don't have the same subprime meltdown as our US counterparts though and that's better for us. It will be interesting to see where interest rates end up in a year or two?? With Europe on it's way to meltdown it's hard to say what will happen to combat inflation or hyper deflation as the economy grinds to a halt.