In the last few weeks I have been asked several times - is the bubble about to burst ? Should I buy ? Should I sell ? Should I wait ?
All good questions and no wonder the public is at times confused - with opinions about our market being produced almost weekly and as most would agree - covering both sides of the big picture, good and bad. One major bank says we will remain steady - or "flat" on pricing. Another think tank says (for the 4th year in a row) a "major" correction is on the horizon. A recent article in the Globe and Mail stated " storm clouds are forming over Vancouver's real estate". This conclusion coming after speaking to 3 real etate agents and a report by the Condominium Market Opportunities Report - whomever they are - saying no one is paying much attention to the declining net migration and the potential Chinese real estate bubble. Interesting - being CMHC reported we had almost 30,000 new jobs created in 2011. So just who or what should you believe. Simple answer - you have to get out there and find a realtor who will do more than just recite the montly statistics released by the Real Estate Board.
Feet on the Street
And so it goes. The most important issue's regarding Vancouver real estate are - location, type of property and - location. You can read all the statistics (they do form a great baseline) but ensure you speak to someone who works in your area of interest. I do find it quite funny - that the day after the monthly statistics are produced by the Real Esate Board - every single realtor in the region copies and pastes this release into a blog. But what does it really mean - to you. Therein lies the key. If you do speak to one of my 9000+ comrades - ask them what are they seeing - not just what the statistics are saying. Like I said - location is the key. Working in Coal Harbour and the downtown core - amongst other areas - I see daily, pricing, selection and activity can vary block by block.
Contact me anytime for a chat. Chances are I will show you a graph or two but they quickly end up being scratch paper - and Vancouver Real Estate requires more than just a scratch on the surface.