On the weekend, I met with my real estate agent for the first time in several weeks. I wanted to hear her perspective on the current real estate market in Vancouver. I also value her advice since she’s been an agent for over 20 years.
Having been through a couple of the ups and downs of the market, she told me I’m in great shape for the next several months. According to her, I have a job that pays me decent, I have no pressing nor dire need to buy immediately, and not all my financial resources are tied up in the stock market (I love you shoe box in the closet). Based on her experience, she believes it could be possible for me to buy a place in the area I really want to live in, as opposed to an area I’d tolerate living in. My realtor also foresees foreclosures starting to appear in the next several months as the stalling global economy causes people to be unable to pay for their homes. Her general and short-term advice is to just be patient and wait. How long I wait really depends on what happens to the economy and if there’s something out there suitable for me.
While I don’t envision myself picking up a new two-bedroom loft in Yaletown for a buck twenty, I am somewhat optimistic economic forces will finally bring reality back to some of those greedy mofos who turned Vancouver into an overpriced market.