Yes folks, it's time to drag out the soap box again.
Do you think there is a brain?
Does your bubble hurt?
I'm opening anonymous comments for 1 week. Just for fun. It's not an invitation to flame or abuse, so keep it cool. I would prefer that you identify with some manner of moniker, just so we can keep you straight. Just choose "other" at the sign in, and be creative.
Have your say.
9 comments:
Do not know much, if anything, about real estate. I am a mathematics student who took a few econ courses. I have been wondering for a while now who is going to fill up the condos that are going up daily it seems.
Eventually someone has to live in them. Investors can produce a longer transition period but in the end someone will have to buy it to live in it or rent it out.
How many new units have gone up in the last three years and how many people have migrated to Vancouver?
I just don't see how it all adds up and I definetely don't see how the supply is not going to overcrowd the market. Treat my post as a question as I do not know nearly as much as most of you.
-Darko
I heard that Vita is selling well and they are going to increase the price. When I visited their sales centre, none of their 2 bedroom suites was sold. All the sudden even the 2 bedroom suites which ask for half million are selling? If this is true, it is very scary!
Why is that scary?? So what if people are buying some condos.
People will always buy, even in declining markets. Look at the US, which is in bad shape, and people are still buying. Mind you there are a lot less buying there right now.
Don't let the Sales Staff scare you into making a rash decission. It is their primary objective to get you to buy.
Trust the fundamentals, history, and look at other market (US) to get an idea of where this is going.
Look at it this way. The higher prices are, the more new supply will be built. That's what we call the upward-sloping supply curve.
So the longer prices stay high, the more excess supply will be built. "Investors" may keep buying them, but eventually there will be so many empty condos that eventually people will realize there aren't enough people even to rent them, never mind buy them.
That's the Wile E. Coyote moment. It's already happened in Florida.
Don't worry, be happy for high prices.
Taken out of context its difficult to assess anon 5:42's concern. It may have been a good price. Even in a declining market stuff sells. It even sells at too high a price.
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