Friday, September 21, 2012

Big Drop for Vancouver Prices

Garth Turner gets a bit of coverage. Big drop predicted for Vancouver real estate prices
We'll have something around a 30-to-40 per-cent decline in prices.”
Sounds about right. Still pricy, but easier to sustain.
Despite his dire outlook, the market has been robust for most of the last decade and condo marketer Cameron McNeill believes Turner will be proved wrong. “The fundamentals that are driving the market below the surface are just too strong for any sort of bubble circumstance to happen,” says McNeill.
“The fact of the matter is, in Vancouver today, you can buy a condominium and you can rent it out and you will have 40 people in line trying to rent that condominium,” McNeill says. “If you have that much desire for people to live in a condominium, I think the market's got no problem sustaining itself.”
Well, I'm convinced by the power of that argument. It is just me or is McNeill from Brooklyn?

1 comment:

Kelly Lambert said...

Too bad neil is lying through his teeth when he says you'll have 40 people lined up.
You will rent it, but not that easily. Also, much of vancouver's economy is driven by its excessively priced real estate.
Now that it is collapsing, watch the economy follow, thus ending the rental market's lucrative nature.