It's probably the question a Realtor gets asked more times in a day than anything else- "Where is the market going?".  Always a tough one to answer as there are so many factors that come into play.  The World is a much smaller place than it was, and make no mistake about it, Vancouver is now a global market, so much of what determines our market is outside of our control, and our government's for that matter!

 

 In 1986, Expo showed the rest of Canada how beautiful the West Coast was...and they came.  We did the same for the rest of the world in 2010...and they are still coming.  And why wouldn't they?  We are consistently voted in the top 3 of the best cities in the world to live (Canada itself just got voted the best country to visit by Fodors).  We have mountains, fresh air, and a stable government- well somewhat stable. (investors don't like it too much when government sticks their nose into a free market economy- something that they are currently letting us know- sort of like a "time-out")  Do you know which city is usually in the top 3 most dangerous cities in which to live?  Beijing.  The air is so bad there all the time that you can never see the mountains and the government, at any time, can seize all your hard-earned money.  That's right- where would you want to live?

 

 Also, what is even more interesting, is that at the same time the provincial government brought in the foreign buyers' tax, the Federal government increased it's immigration policy. So, we are not really trying to stop foreign investment, we are just going to make the foreigners Canadian.  

 

Vancouver may be on a "time-out" at the moment but the rest of the Province is booming.  The Okanagan prices are through the roof once again, and Prince George is booming.  Most of this is being driven by a flood of migrants back from Alberta with pockets full of money, as well as by those Canadians who were shrewd enough to invest in Palm Springs when the market was down- selling and making a few hundred thousand. That US market has recovered about 80% of what it lost in the crash of 2008.

 

Yes, we may be in a lull right now, but we have 4000 new people coming to the lower mainland every month and they all need a place to live.  Our climate, our air and our proximity to China, India and the Phillipines has not changed. Our dollar still trades at 75 cents to the US dollar (the currency of choice for all foreigners), and that makes us still a bargain.  So sit back, relax, and enjoy the calm - it will not last!

 

 

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Interesting times to launch my first ever blog which I aim to be a mixture of fun, philosophy, and of course, real estate. Here we are in one of my favorite times of the year- October.  

 

OCTOBER

Leaves falling- in West Vancouver, just like their high end housing market.  Apparently the overseas investor has decided to shake their two hundered year old elms a little bit- while here in the Fraser Valley, as I peek out of my window, the trees seem as full as they were in July, with a slightly different hue.  Yes, it's different out here, where if the market drops 5%, it doesn't mean you just lost a new Bentley.

 

Baseball- The Blue Jays have once again made it to the Playoffs and are now sitting down 3 games to 1 to the Cleveland Indians in the ALCS finals.  Oh boy! Being a transplanted Bramptonian, it's hard to find many things to cheer for out of Ontario these days, and I do hope the cheering keeps going for at least a little while longer.  One game at a time.  Meanwhile, the Toronto housing market continues to ramp up speed.  I wonder if that has anything to do with the fact that the Provincial Government has decided not to meddle in a free market economy, or perhaps it's that people investing in that market are not afraid that they will be retro-actively taxed?  Who knows?  Maybe everyone just wants to live somewhere where they always get to see the Leafs falling?

 

Hockey- Speaking of Leafs falling....wait, they haven't yet?? Just another reason to love October.

 

The Economy- Bank of Canada just announced that they will be keeping the lending rate at .5% and predict a massive growth of 1% for this year followed by a resounding increase for 2017 all the way up to 2%! They have blamed the slower than expected growth on, among other things, the slowing housing market. (Once again, wayto go Christy Clark!)

 

Halloween- Tip of the Day- Apparently we have to stay away from Creepy Clowns this year- as if there was ever any other kind!

 

Food for thought- 3 weeks left to find out if we're in the frying pan or in the fire. If you were an American, it would almost be better to abstain.

 

See you next week!

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