It’s been a record setting Spring and Summer. Vancouver home prices are once again at record setting levels. Wanted to give all the people who just bought their first home a heads up. Get ready for all the doom & gloom that ‘Vancouver is in a housing bubble that’s ready to pop!’ stories. I’ve seen this cycle many times over the past 25 years. It’s what sells newspapers and gets people’s attention. Real Estate markets don’t go up forever. Short term volatility and corrections are normal and we’re going to get another correction or what I call buying opportunity one of these days (we just had a fantastic one in 2012).
What I want to tell all my 1st time buyers.. is just tune it out and ignore it. It’s all noise! Enjoy your new home, pay down that mortgage and keep it for at least 8 to 10 years and you are going to see some fantastic price appreciation and equity created. What the market does in the short term makes no difference when you have a long term horizon… which you should always have with your principal residence in the first place.