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Originally Posted by scheng924
hmmm... what are you guy's outlook for future market within the next couple years.. will interest rates go drastically up causing housing prices to come down?
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rates will go up 1-2%, and prices will go down slightly
I can see 5-10% more in price drops this year, and another 5-10% after the Olympics as there'll be excess inventory. The number of houses for sale increased slightly in Vancouver from 2008->2009, while the number sold decreased dramatically. The expectation was with the price drop fewer people would sell (wait out the downturn) yet instead more units were available. That says something about how over-developed Vancouver is, and there's lots of buildings not even done yet.
Look at what happened after the last bubble in Vancouver, prices leveled out for nearly 10 years! So the price you see today, might be the same price in 2019. Save your money, rent, there's no money to be made in real estate right now.