Saturday, October 22, 2011

There is no bubble in Vancouver

HST delays hurt housing sector: property experts
"It must be something political or social because it certainly has nothing to do with economics." [Ward McAllister, president of Ledingham McAllister Properties] said.

He forecast low-interest rates for the foreseeable future, which will translate into continuing sales.

"There is no bubble in Vancouver," [Richard Wozny, of Site Economics Ltd.] said.

McAllister had advice for prospective homeowners in their 20s who are questioning whether they should wait for prices to come down: Don't wait, borrow from mom and dad. And he warned against selling, hoping to get back into the market later.

"Affordability is one of the main concerns in this market and I think will continue to be over the rest of my life."

Noted. Also some whining about the chaos in the sales tax. "Any of our product that's $525,000 and over, which is the threshold, is sitting." For the record, 525k/68k is 7.7x median income.


blog blurg said...

Hahaha! When do developers admit prices are coming down? They are scared to death that Van RE has slowed down.

gggg said...

This is ridiculas we are at the peak of housing, and they like the Old man says whatever comes up must go down. This is going to be a rerun of whats happened in the states, japan, or China. People that just brought their homes this past couple of years should be praying cuz they are going to be poor for many years. These economist and like many newspaper van sun have an agenda to provide positive news to everyone. Debt spiral is right behind it get ready !