Now into the 6th year of a real estate market boom, every year seems to be a copy of one of the years before. Some years the market goes strong from start to finish as it did in 2003, 2005 & 2006 and some years like 2002, 2004 & 2007 it goes strong from January to August then slows down for the rest of the year only to start up again in the new year. When the Buyers are looking for house prices to fall, it usually starts in August. This is when people have their last chance on going on a summer holiday before September sends them back to work again. And once the demand slows down a little, hopeful Buyers wait for prices to go down, down, down. In the Fall of 2007 the market did slow down but prices were maintained and did not go down, down, down. During this period Buyers just had a little more to look at for a little longer time. For 2008 the market is shaping up to be another good year for those "who own" real estate and tougher for those "trying to own" real estate. Momentum in the market is starting up again, despite the huge problems down in the States with the sub-prime mortgage defaults, foreclosures and the latest rollercoaster ride the stock market has taken. The economy in the states seemingly has had little effect on B.C.'s economy. Even the parity in our dollar, although negative for our exporting value, has just made us all feel better when we travel down south for a vacation and shopping. With money being poured into Vancouver Metro's condominium projects, infrastructure for the 2010 Olympics plus the 14 billion dollar budget that was just announced for buses, highways and new skytrain lines, money is being circulated into the system which finds its way to most of us one way or another. Bottom line is that real estate prices are likely to go up 5% to 10% this year as forcasted by Canada Mortgage & Housing Corp. Strong economy, strong employment, strong immigration, strong real estate market.
As a wise person once said, "Don't wait to buy real estate. Buy real estate, then wait."