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.
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.