Quote:
Originally Posted by kevman
https://www.greaterfool.ca/2011/07/
10 years later and Vancouver's house prices doubled from $898k in July 2011 to $1,800k in July 2021. Scrolling through his entries I remember reading them while in the market for a house. I don't know if it was the best investment I could have made in the last 10 years (excluding the intangibles that come with owning a home) but I'm sure glad I didn't sit on the side lines waiting for his bust that never came.
Ol' Garth has made a living off of his doom and gloom blog while being utterly wrong for more than a decade now.
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Vancouver will continue to follow a similar pattern unless there's an extreme widespread global economic collapse. They'll be adjustments, but the general trend will always be up. Everyday there are fewer detached houses available and more people move to the area. Many people living in the burbs would prefer a more central place.
Obviously, if you can time the adjustments properly, you can make out like a bandit. Buying a place down 20-30% that goes back to pre-adjustment value in 2 years is a massive win. Timing the adjustments is easier said than done though.
The idea that Vancouver proper housing will drop and then be affordable to every working person is absurd. There simply aren't enough houses to get anywhere close to reaching that demand.