Is Canada in a major housing bubble? Without crucial data that lenders and government are withholding, it�s practically impossible to tell. In this series, HuffPost Canada examines the gaps in our knowledge and why that missing data matters.
...
The Chinese only buy high end, and they are the ones creating the bubble in that market, so if it bursts, it's because the Chinese are no longer buying.
As for everyday folks, sure if you're just barely hanging in there right now with very low interest rates, you probably shouldn't have bought in the first place. Everybody else, who has no problem making their mortgage and bought a house to have a home, not because they wanted to play Nelson Skalbania, they will be perfectly fine. Just hold the property until the market comes back. In Vancouver if the market doesn't come back that means things in Canada have gone tits up and we're no longer getting immigrants flooding in. Otherwise, were bordered by mountains and ocean and have land in the agricultural land reserve, so there just isn't a lot of room to build more housing stock. So as long as people are moving here, rather than moving away, the housing market will never drop too much for too long.
doubtful for Vancouver proper. Just no room to expand and too many people who want to live here. Only if we turn all those single family neighborhoods into condos would it get a lot cheaper - and a lot less pleasant. There would have to be a drastic curtailment of immigration, in fact net out migration to really lower housing prices in Vancouver. It's a victim of it's own success, sorta like yeast in sugar solution.
sell now.
When that bubble pops, it's going to hurt a lot of people.
Remember the 80's ?
As for everyday folks, sure if you're just barely hanging in there right now with very low interest rates, you probably shouldn't have bought in the first place. Everybody else, who has no problem making their mortgage and bought a house to have a home, not because they wanted to play Nelson Skalbania, they will be perfectly fine. Just hold the property until the market comes back. In Vancouver if the market doesn't come back that means things in Canada have gone tits up and we're no longer getting immigrants flooding in. Otherwise, were bordered by mountains and ocean and have land in the agricultural land reserve, so there just isn't a lot of room to build more housing stock. So as long as people are moving here, rather than moving away, the housing market will never drop too much for too long.