Shall I buy or shall I wait in today's red hot Vancouver real estate market?
We have been warned very often lately that we should expect interest rate to rise second half o next year and in 2011. As we know our real estate market is being mainly driven by low interest rate. Having this constant reminder on the media will keep buyers in line on how they spend their money. All the buyers that I'm working with right now aware the higher interest rate is the coming year and all of them are not maximizing their spending.
As well, the bank says that with expected economic growth rates of 2.6% next year and 3.9% in 2011, Canada will lead the G&, particularly the US, in recovering from the deep recession.
Shall I buy or shall I wait after the Olympic or the HST bill passed to see if prices will go down? Well, we can never time anything perfectly. I can't see the price will be any different after Olympic or HST. Between now & Olympic or HST, I honestly feel price will keep inching up more. People like to believe in whatever they want to believe. Who has crystal ball? However, with 1.27million population growth forecast in the next 20 yrs. From the long term investment point of view, I personally feel strongly about Vancouver's real estate. Is the price getting to high now? well, 90% of the buyers missed the boat at the beginning of the year. Comparing to the beginning of the year, of course our price has gone up significant but compare to 2007, some areas like DT and Westside have recovered but other areas further east of Vancouver still hasn't.
3 weeks ago, there was a 50' lots in Dubar area sold at full price at $1,595,000, one week later, same size lot asking $1,550,000 with 9 all cash offers sold at $1,795,000. 200k increased in one week. My westside apt listing got full price offer right a way with the listing price 30k more than the last sale back in Sept. All I see is properties in good school zone areas are always in demand.
If you want to know the market condition, call me at 604-412-5860 or www.tinamak.com
Should you wish to listen to the AM1320 Radio Real Estate Cantonese Interview, click Cantonese Podcast.
