Are you an opportunist or procrastinator?
July 7, 2012
Are you an opportunist or procrastinator?
Please click podcast Part 1 & Part 2 listen to Cantonese interview
Are you an opportunist or procrastinator?
I understand the June housing stats is not as rosy as we would like to see. Typically, people will focus on the negative part of the stats which is sales volume is in 10 yrs low. I wonder how many of us will talk about the price hasn't changed much. Apartment increased 0.3%, detached ppty increased 3.3%, attached ppty decreased 0.1%. Also, real estate is not stock market. We don't do day trade. When we take these monthly stats so seriously, it gives us stress. If your property is your home, ups & downs has nothing to do with you. You still need a home to live. Yes, areas where Mainland Chinese immigrants focused on in the last couple of years definitely shown price adjustment. However, we also know once the Chinese decides to come back into the market, it'll be hard to compete with them. The current new lending policy doesn't affect any Asian buyers. Many of them pay all cash.
I've also seen other report from different banks economists. All of them are on the bullish side in terms of Canada's outlook to wear calmly through the global economy turmoil. I look at this as a transition period. I think the new lending policy does do good for debt control. However, I won't rule out there might be some political reason behind it.
Back in 2008, I said it once & I'm going to say it again. Can you time the bottom or the peak? We only know afterwards not while we are in it. During 2008 & 2009, majority people did the same thing as what buyers today do, predict the market will goes down. The different is back then, they predict as far as 35%, this time, 15% is the lowest I have heard so far. In 2008, Vancouver market bounced back strongly in 6 months when US is still in trouble. BC unemployment rate this month drop from 7.2% to 6.6%. Car sales went up average 7% in the last 6 months both domestic & import vehicle. As a buyer, you have to ask yourself if you agree that Canada is a safe haven compare to the rest of the world. Are you a speculator? Are you buying a home? Are you a long term investors? All these have everything to do whether you should sell or buy in ANY market not just this market. Like all professions, there are people more experience than the others. Among them, there are pessimist & there are optimist. There are opportunist & there are procrastinator. No matter what you are, you likely will hang out with the same mind set of friends.
I just read an article came out on June 27th on "China property developers said looking overseas as rich clients buy abroad". It said China isn't likely to ease real estate restrictions greatly in the near future. That, along with a perception among many well-off Chinese that political & economic risk is on the rise in the country, suggests mainland real estate developers targeting customers looking to move money overseas should see good business for at least the near future. So, back to the point, is Canada a "safe haven" on the global stage? If yes, why do we worry so much? I would worry if I was living in Greek, Spanish, Italian, etc.
Should you wish to understand the market condition in more depth, please feel free to contact me at tinamak@tinamak.com or 604-412-5860.
Please click podcast Part 1 & Part 2 listen to Cantonese interview
Tina Mak Personal Real Estate Corporation
Your Vancouver Radio Realtor
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