The future of Downtown Vancouver condos is going to be luxury and ultra luxury units only. Starting at $1800 a sq ft to well over $3000 a sq ft. With good quality younger concrete units selling at $1100-$1200 a sq ft buying your principal residence , enjoying it and keeping it for 20-25 years should prove to be an excellent long term investment.

Happy Saturday. Have a number of topics I’m going to cover including the one book I would recommend as mandatory reading. The difference between hope and desire and how to set the intention for success.

The year end statistics for 2021 were just released by the Greater Vancouver Real Estate Board. 2021 was another record year with 44,000 homes sold. It was also a record year for inventory being the lowest in over 3 decades. I think this strong sellers market and record low inventory will continue well into 2022 and possibly beyond. This was someting I have been predicting in my blog since late 2018 early 2019 and referred to it as a coiled spring effect. Much of it brought on by Government policies on taxing the demand side instead of addressing the supply side.

As I have been advocating on my blog for the past 11 years, and to my clients for over 20 years....Keep It Simple! Buy your principal residence, enjoy it and keep it. Max out your RRSP and TFSA via low cost index funds from Vanguard and i-Shares then tune out all the short term noise. Remember the odds that the Vancouver Real Estate Market or the S&P 500 going up in any given year are heavily in your favour. Most years.. not every year, they will go up and longer you hold the home or equity the better your odds become.

Unless my investor clients are living out of the Lower Mainland, I always encourage my them to rent and manage their own properties as opposed to hiring a professional property manager. I have several well experienced property managers I’m happy to refer to my out of town investors. But I feel doing the management yourself is always the best way. Here are some tips and suggestions for properly doing the job yourself.

Mark Twain once said "There is no sadder sight than a young pessimist". Look no further than the comments sections of any article on Vancouver Real Estate or Investing, for further proof of this. Success is never going to come to you or be easy.. instead you need to go attack life and find it thru hard work and discipline. This is the way it has always been and the way it will continue to be.

Came across a Youtube video from a large US based channel with 100’s of thousands of views and subscribers entitled: Is Vancouver the best North American City? It talked about Vancouverism and how many cities in the world are now trying to emulate Vancouver's urban planing formula. The most entertaining part of the video for me was the comments section. Not surprising it was mostly negative and full of complainers and pessimists. Check it out for yourself and see if you agree.

I continue to see people living in a constant state of fear. Inflation, the economy, interest rates, etc. Most being financial fears. Most of these fears could be greatly reduced or eliminated all together if you have control over your financial future, and have set in motion a plan of action to achieve and maintain financial security for life. It’s not difficult at all if you start early and stick to a proven strategy of buy and hold.

Time for my annual forecast for the coming year. As I have said every year for the past decade on this vlog. I really have no idea what the Vancouver or Lower Mainland Real Estate market will do in the short term. It could have another fairly strong year like it does most years, or it could take one of our run of the mill corrections of 5-10% Nobody knows. We are all just guessing at it. What I do know that is over the long term, 10-15-25 years, the value of Vancouver Real Estate will do very well. I recommend you keep it simple by purchasing your principal residence, enjoy it and keep it for long periods of time.

Time for one of my Saturday morning motivation blogs on what it’s going to take to achieve financial success in an expensive city like Vancouver.