Canada

Fiendish Thingy

(19,023 posts)

5. The market appears to have peaked...

Sun Dec 11, 2011, 11:36 AM

Dec 2011

with small, gradual declines since this past summer. Things may accelerate in the spring when more listings will provide downward pressure on prices.

While prices in Vancouver are indeed insane, $5 million condos are a rarity; I think the average home price for the Greater Vancouver area last month was in the mid $800k's. Certain neighborhoods are definitely in the $1million+ club.

For an interesting, entertaining perspective on Canadian real estate, including Vancouver, check out Garth Turner's blog:

www.greaterfool.ca

(sorry, can't figure out how to post links in the new DU3)

I'll be relocating to BC by next summer (at long last!), and will patiently rent for a few years while the RE market melts, then purchase a reasonably priced home with the proceeds from the sale of my California house.

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Highlight:

Sobering Warning from the Governor of the Bank of Canada on Vancouver housing costs [View all] Tindalos Dec 2011 OP

Damn. That's sobering and scary. polly7 Dec 2011 #1

Probably not until we get a new government. Tindalos Dec 2011 #2

Sickening. So sorry:(. polly7 Dec 2011 #3

Yes, the prices in Vancouver are so over-inflated.... Spazito Dec 2011 #4

Yes Tindalos Dec 2011 #7

The market appears to have peaked... Fiendish Thingy Dec 2011 #5

I hope you're right about peaking. Tindalos Dec 2011 #6