The main problem with this thinking is it drives up the pricing. I'm selling my condo soon so I will benefit from it but it causes other to overstretch due to fear.

why do you care others will overstretch their budget? i don't understand your mentality. if i go to the grocery store and buy a $10 ice cream when there is $5 alternative do you get worried as well?

the market is working the way it is supposed to; and it has been working for the past few hundred years. please worry less and more enjoyment of the gain you will soon realize.

Why worry if people are over stretched? Give me a break. For someone who is so adiment on the RE industry, I think you forgot these mortgages are loans that have to be paid.

Keep pumping up that balloon Carl. This has probably been discussed before, but how invested are you in the industry that you fail to have any reality on the situation. I'm not seeing much level headed thinking.

Ok Carl Johnson is right. Growth is unlimited and real estate never drops. Can't afford it? Just borrow more! It's not like anything happened 9 years ago that we should remember.
Also I just learned that the Vancouver real estate market has been running the way it should for several hundered years. It's so strong that it predates the cities existence!

If you don't live in GVR, your comment is valid to a certain extent.

Nevertheless, as a resident here, it scares me the thought that RE accounts for majority of our GDP and even with RE at red hot level our economy is still sluggish at best.

It's not the pricing that scares me. It's what happen when it stops. Think Alberta for example. It too relied on a single industry (natural resources) for most of its GDP. When oil tanked, it's in a recession with no end in sight.

Now if RE stops growing (not even tanking, just stop growing), it would mean the start of a recession which would only end until it recovers or some other major industry takes over RE's contribution to the GDP. And that will affect my life even though I'm not the one losing money. It would mean less job opportunities, less vibrant commercial scene (think less new shops/restaurants would be opening, with a few that I enjoy closing)... and more.

A recession is never a good thing whether or not you are financially attached to it. It affects every resident in the area.

nice try. i have zero connection with the RE industry nor am i massively invested in real estate except having my own place that i can call home. i don't worry about things i cannot control and where real estate is headed is definitely one of them.

people have been talking down B.C. for years, yet it is the best province to be in Canada: socially, economically and geographically.

I never said you were, I just assumed you were since your so out of touch. In fact, your smarter then you act. Putting the risk on others. Buy, buy away!

You should act on your words. Buy everything up that you can. The real estate industry is only going to get stronger. You should reap the benifits now before you can't afford too!

Your newborn baby will certainly hear that early AM blast and wake up though! :ohgodwhy:

Guys calm down. People are going to do what they do regardless. I doubt anyone reads this thread and changes their mind on the biggest purchase decision of their life.

We're always going to need both sides to get a better view.

Is it expensive? Yes. Is it going to go up more? Sure. Do I see a big correction coming. Yes.
Did I still buy? Yes.

couldn't let it slip. grammar police on patrol.

Ironic coming from a guy who can't even capitalize his sentences.

you mis-spelled it,that voids all internet credits cause i are two dumb 2 undur stand it. #imbetterthanyou.

Was out with the wife in the area so we decided to stop into the show home.
Of the 161 units, only 12 units are unsold. And of those 12, 10 have yet to be released. Those 10 units are well into the $900K+ range.

Crazy.

Interesting article on the HK real estate market...

Charted: Hong Kong?s housing market suddenly has echoes of the SARS era ? Quartz
recover-anytime-soon-charted/

Been lurking for a while now. Perhaps I can offer my perspective.

To me, a home (primary residence) is NOT about making money. It's to simply "lock in" to a price reference point.

which is 100% valid, but unless you're paying with cash, you are also locking in a massive mortgage at today's rates (5 year rates).

you may be able to afford them today, but if rates go up, your monthly income may fall short. it is the debt part that worries me more than the asset part.

Damn, looks like all those Best City in the World (TM) and Vancouver is the next Silicon Valley articles from VancityBuzz finally got someone.

I feel no shame to be proud of my city and this province.

Sounds more like delusion than pride.

hrm, I wasn't aware of a unreleased 10 units, did they say when? Phase 3 was all available for sale when it was released.

If you look at the map, the remaining 10 unreleased units is the row that will be built where the show home and access road is.
The end unit plan F (6-5228) is still for sale and one of the bachelor suites.
That end unit is $900K and the bachelor unit is $305K.

oh yea I noticed that on the map, I was always wondering about those 2 buildings. Cool good to know

Just saw this E-Petition to the Government of Canada on Facebook regarding foreign ownership

https://petitions.parl.gc.ca/en/Peti...Petition=e-281

That's no true at all!

Rental units have also become unaffordable for families even with a household median income in Greater Vancouver of $74k.

The family of 5 (2 adults and 3 kids ranging form 8months, 2 years old and 4 years old) who rents my parent's basement makes less then 45k a year is doing fine.