Are you still worry about Vancouver housing market?
Although there are still negative news about worst economy has yet to come, there are definitely more and more positive news than couple of months ago. B.C. Real Estate association in last November said housing price in 2009 would drop another 9%, in Feb, 2009, they raise it to 13%, last week they trim it down to 8% drop but IT HAS ALREADY HAPPENED. For those who follow religiously what the economists said and make decision based on what they predict, u must be living like a yo-yo.
Last weeks there were news about the economists expect Canada starts to see economic growth in the 3rd quarter which is in July. Another news said the economists expect Canada will have the strongest economy among the world in the next decade.
Our conservative banking system is helping us to ride thru this economy. As much as the policitians said our deficit is way over what it predicted. We are still in the best shape among all the other countries.
BC has the most pre-approved mortgage and there has been lots of money sitting on the side. If you have a chance going to open houses these days, u'll see how crazy it is. Last week I went to one open with my buyer, there were 50 groups linning up. The bond yields and spreads on 5 yr fixed rate are pointing to a potential rise in rates. For those who is on variable rates or even u have 3 yrs left on ur term, u might want to start considering locking the rates or pay the penalty and lock into a lower rate. Talk to your banker or mortgage broker for further advice. News like this will push buyers esp. 1st time buyer to buy now. I've already seen price appreciated in downtown area. The property I bought in Feb has appreciated.
All I'm saying is do your calculation and buy real estate when the number make sense. Don't try to time the bottom cause we can't.
