Now, we understand that bad news sells better than good news but lately the number of stories published by various media publications are simply misleading. The fear that the media loves to sell freezes most people in their tracks unfortunately.
The challenge is convincing buyers and sellers to act. The best time to buy is when nobody else will. When all of your advisors, friends, and family say hold on, do nothing, that's when the time is right...especially if you're moving up.
In reality we all have a bit of a herd mentality which means most buyers and sellers will not act until there's some good news and everyone else is buying too. They will wait until the market gets better and by this time it's too late you've missed the bottom. The majority will say, if we had only bough last month or a few months earlier.
Those who listened to what we had to say in the Fall of 2008 and actually bought or moved up are still further ahead despite our recent adjustment. The current correction was bound to happen and is a healthy thing for Vancouver real estate which has been going up and down like a yo-yo for the past five years.
How about some good news for a change? In the long run you can't go wrong owning real estate in Vancouver. Everyone needs a roof over their head so a principal residence is the most solid investment you can make considering you do not have to pay any capital gains tax when you sell.
It is also important to note that the majority of homeowners in Canada have significant equity. Nearly 83% of Canadians have accrued at least 25% equity in their homes.
Vancouver remains the #1 destination for immigration in Canada. It will always be. In simple terms this is heaven on earth for most international buyers...no death tax, no stamp duty and tax free money on any capital gains on your principal residence.