Vancouver’s real estate market has been on fire until last year when the air was let out of the bubble. I remember a friend of my wife’s telling us we should buy a house soon and I thought to myself no way. I bought a house in Pennsylvania that cost around 35k, and when I moved here that same house would be over $500,000 here in Vancouver. I thought something is wrong with this picture.
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Wages in Vancouver just haven’t kept up with the appreciation of home values here but people continued to buy, hoping to flip their new purchase making a nice chunk of change. It’s a strategy that’s worked but now the buyers have disappeared and I suspect in a few years my patience will be rewarded as home prices should fall much further than they currently are. I really feel bad for the homeowners who have bought in the last 6-9 months.
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