Quote:
Originally Posted by chowhou
Unless you're a real estate agent, those numbers don't mean a whole lot for the average Vancouverite.
The Straight and the Sun agree on one thing, housing prices have not gone down and in fact continue to increase 1.4% over 3 months and 2.9% YOY. Seems like COVID is another failed bubble popping prophecy that is failing to come true.
People still want to buy houses here (though perhaps fewer) but now there's even fewer on the market so prices are just going to keep on increasing. Isn't this what people on this forum have been complaining about for a while? Housing in Vancouver is supply constrained, not demand constrained.
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Think this is a case between the "haves" and the "have not s".The "haves" have been sitting on the side line watching the market, and this is the time to act... hence explains the slight uptakes. As to the have nots, they cannot afford it to begin with, now can even less afford it. Some of those "have nots" who barely hang on their mortgage payments may indeed forced to off load in the coming months. Though I do not have statistics, there are more assignment sales at a loss from presales bought a few years ago.