What does it take to enter the Vancouver Housing Market?

     People always ask me, "who are buying houses in Vancouver?". Well the Vancouver Real Estate Board published the following table in their May 4, 2007 edition of RealtorLink newsletter. It showed the types of professions that may not qualify for purchases.

     So you might ask, "Mike, answer the question, tell us who are buying the houses in Vancouver and more importantly, for those on the list above, what hope do they have?"

     Buyers in the Vancouver market are typically sophisticated individuals trading with equity. What I mean by this is, they have equity built up in a home they can tap into, they have inheritance, they are people with substantial business interests capable of extreme debt service, they are offshore people used to trading in a world market the likes of which we have not yet seen in Vancouver, and in general they are people with capital. Today in this market, the phenominal price escalation witnessed in Vancouver, and particularly on the westside, is a testament to the fact that there is more demand than supply of housing. Prices are bid up because the demand side of the equation can afford it.

     Well then, where does that leave the bulk of the rest of us? The TD Bank Financial Group in its May 17, 2007 Special Report, suggests "Condos Remain an Attractive Option For Many" They elaborate that this is the case because they have delivered a strong performance, they are affordable, and located closer in the city.

      Of course if you need a skilled professional to assist you with your next purchase, do not hesitate to call Mike at 604-644-0056.