Sunday, July 22, 2007

Is there a housing bubble in Vancouver?

A blog posting by Vancouver Home Mortgage:

The U.S. housing market has been on a downward slide for the past 1.5 years. More troubles on sub-prime mortgage problems and foreclosures are being reported every month. Each month, there are more bad news that home builders are slashing prices to unload their inventories. The housing problem in the U.S. as reported by many economists is nowhere near to hitting the bottom yet!

On the contrary, Canada real estate across all the provinces are reported to continue their upward march to new record house prices. House prices are now double what they were 5 years ago!

Are we in Canada so different from the U.S.? Or, is it a matter of time that we will face the same problem with downward spiral in home prices.

If you are looking at buying a condo, townhouse of a detached home, are you buying at the top or near the top of the market?

What's so different in Vancouver that you have to pay twice as much as a similar condo in Toronto? Why home buyers in Vancouver are still chasing the housing market?

What are your thoughts? You are welcome to post your comments here.

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