Quote:
Originally Posted by Winsor_Pilates
Maybe, or it could continue to rise again.
Everyone has to make those predictions for themselves and I have nothing against anyone who decides renting is their preference.
I can tell you that I heard the same thing from someone like you 5 years ago, and 10 years ago and 15 years ago.
There's always someone who thinks the Vancouver market has reached its peak and they've always been wrong.
Perhaps you'll be right this time though, time will tell.
Edit: should add that renting isn't that much cheaper than ownership here either (aside from the down-payment).
I closed an investment condo purchase last year (20% down) and cash flow on the rent I get from my tenant, with condo fees, mortgage and property management covered.
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This would suggest that the Vancouver market is fairly priced and not in fact a bubble. If rents support the purchase price without relying on future growth greater than inflation to make the numbers work there there is sufficient real demand for housing to support the price and not speculative demand on appreciation.
It will be highly susceptible to interest rate changes though. How do your metrics change if you increase the interest by 1%