ACTIVE
SOLD
RSS

The real estate market has its cycles - its ups and downs.  These cycles can be long or they can be short-lived. The question is 'where are you in the cycle with your house plans?'

 

With 'experts' saying there will be a market correction, it's time to ask yourself how risk adverse are you. 

 

Using Richmond, BC as an example housing market, the facts show the sales slow down has been trending the middle of 2016. With prices of houses climbing to unaffordable levels for most Canadians, home buyers turned their direction towards town houses and condominiums. With cries of "foul" from the voters, the provincial government placed a new income generating tax on 'evil' foreign home buyers of 15% on residential properties in Metro Vancouver.  Add this with the market already showing signs of a slow down in the sales of detached properties and you have an anchor thrown out of a moving boat. (People in the know are telling me that foreign buyers are swallowing up commercial properties with these prices climbing to dizzying levels).

 

The federal government tosses in new mortgage rules for high ratio financing and we have a second anchor tossed out of the moving boat. 

 

The first time home buyers are squeezed between low vacancy rates, high rents, and climbing housing prices.  To find something they can afford to buy, they must move further out from where they work only to find an inadequate public transit service and travel by car is both expensive on gas, tolls, insurance, and travelling time is longer with traffic jams.

 

What's a first-time home buyer to do? With the new rules resulting in qualifying for a lower mortgage, do first-time home buyers move out yet further to find a less expensive home to buy?  Or will home sellers of such properties be forced to lower their prices?

 

Paul Ashworth predicts the Bank of Canada rate will fall because of the slowing economy as "the boom inevitably goes into reverse."


Which brings me to the subject of this article. Whether the 'experts' are correct in their predictions as to when, how deep and how long the housing adjustment will be, the question for you is, can you or are you willing to wait it out?


They are not making any more land and the population of Canada continues to grow, with much of the growth coming from immigration, I'm led to understand. I hear from a BBC interview that the trend towards of living in urban centres continues to grow. I cannot avoid concluding that any 'housing adjustment' will not be long. 


Long is a relative term.  If you are thinking of selling in the near future and risk is something the keeps you up at night, pehaps it is time for you to sell now to "bank" some or all of your equity. 


For those who have no plans to move for a while, relax. In my 32 years as a Realtor, I've seen the housing market adjust up more than adjust down. Mind you, "down" is a great time to "move up". 


Which ever stress level you are in, call me and we can discuss what's the best course of action for you. 

 

Bill de Mooy

604-274-2222

Read
Categories:   Abbotsford West, Abbotsford Real Estate | Albion, Maple Ridge Real Estate | Aldergrove Langley, Langley Real Estate | Anvil | assignment | Authorization | BCREA | BCREA Housing Market Update | bill | Bill de Mooy's Listings | Bolivar Heights, North Surrey Real Estate | Boyd Park, Richmond Real Estate | Brentwood Park, Burnaby North Real Estate | Brighouse South, Richmond Real Estate | Brighouse, Richmond Real Estate | Broadmoor, Richmond Real Estate | Brookswood Langley, Langley Real Estate | Bruce McCallum | Building Plans | Burnaby Hospital, Burnaby South Real Estate | Cariboo, Burnaby North Real Estate | Central Pt Coquitlam, Port Coquitlam Real Estate | China | Clayton, Cloverdale Real Estate | Cliff Drive, Tsawwassen Real Estate | Cloverdale BC, Cloverdale Real Estate | cohousing | Community | condominium | CRA | de mooy | Deer Lake, Burnaby South Real Estate | deferment | demooy | Downtown NW, New Westminster Real Estate | Downtown VW, Vancouver West Real Estate | Eagle Ridge CQ, Coquitlam Real Estate | East Cambie, Richmond Real Estate | East Newton, Surrey Real Estate | East Richmond, Richmond Real Estate | Fairview VW, Vancouver West Real Estate | False Creek, Vancouver West Real Estate | Fleetwood Tynehead, Surrey Real Estate | foreign buyer | Forms | Fraser Heights, North Surrey Real Estate | Fraserview NW, New Westminster Real Estate | Galiano Island, Islands-Van. & Gulf Real Estate | GlenBrooke North, New Westminster Real Estate | Glenwood PQ, Port Coquitlam Real Estate | government | Grandview Surrey, South Surrey White Rock Real Estate | Grandview VE, Vancouver East Real Estate | Granville, Richmond Real Estate | Guildford, North Surrey Real Estate | Hamilton RI, Richmond Real Estate | Hamilton, North Vancouver Real Estate | Hastings, Vancouver East Real Estate | Hawthorne, Ladner Real Estate | Highgate, Burnaby South Real Estate | Hockey | HomeConnection - West Coast Trail 2013 | homes for rent | homes for sale | Housing Market Update | Ironwood, Richmond Real Estate | King George Corridor, South Surrey White Rock Real Estate | Knight, Vancouver East Real Estate | ladner | Ladner Elementary, Ladner Real Estate | Laneway Housing | Langley City, Langley Real Estate | Lower Mary Hill, Port Coquitlam Real Estate | Macdonald Realty | McLennan North, Richmond Real Estate | McMath | McNair, Richmond Real Estate | Metrotown, Burnaby South Real Estate | Mount Pleasant VE, Vancouver East Real Estate | N. Delta Real Estate | NDP | New Horizons, Coquitlam Real Estate | Opinion | Park | Parkcrest, Burnaby North Real Estate | Pemberton NV, North Vancouver Real Estate | Playground | pre-sale | presale | property tax | Quay, New Westminster Real Estate | Queen Mary Park Surrey, Surrey Real Estate | Quilchena | Quilchena RI, Richmond Real Estate | real estate | Real Estate Trends | rentals | Richmond | Risk | Riverdale RI, Richmond Real Estate | Sapperton, New Westminster Real Estate | Saunders, Richmond Real Estate | Scottsdale, N. Delta Real Estate | Seafair, Richmond Real Estate | Sechelt District, Sunshine Coast Real Estate | Simon Fraser Hills, Burnaby North Real Estate | Sorrento | South Arm, Richmond Real Estate | South Slope, Burnaby South Real Estate | South Surrey White Rock Real Estate | speculators | Statistics | Steveston | Steveston North, Richmond Real Estate | Steveston South, Richmond Real Estate | Steveston Village, Richmond Real Estate | Steveston Villlage, Richmond Real Estate | Sullivan Heights, Burnaby North Real Estate | Sullivan Station, Surrey Real Estate | Sunnyside Park Surrey, South Surrey White Rock Real Estate | tax | tax deferment | taxes | Terra Nova, Richmond Real Estate | testimonials | The Heights NW, New Westminster Real Estate | Tips and Advice | Transfer tax | Tsawwassen | Uptown NW, New Westminster Real Estate | Vancouver | Victoria | video | Walnut Grove, Langley Real Estate | West Cambie, Richmond Real Estate | West End VW, Vancouver West Real Estate | West Newton, Surrey Real Estate | Westwind, Richmond Real Estate | Whalley, North Surrey Real Estate | What I saw | White Rock, South Surrey White Rock Real Estate | Willoughby Heights, Langley Real Estate | Woodwards, Richmond Real Estate
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.