Think the media is focused on ‘right now’ and less on what’s ‘right?’ You’re not wrong.
Breathless coverage of Vancouver’s real estate ups and downs ignores long-term trends and facts, instead focusing on headlines that create conflict. If you’re a homebuyer, a seller or an investor, it can be difficult to separate what’s fact and what’s fact-free - leading you to make a decision based on feeling and fiction.
To paraphrase Warren Buffet, good investors tune out damning headlines and echo chambers, instead opting to stay focused on the long-haul with clear information.
If you’re a Vancouver real estate buyer or seller wondering where the market is heading, here’s a little information the local news isn’t reporting on:
By Q3 2019, we will see a rejuvenated Vancouver real estate market.
This is the takeaway of ScotiaBank’s latest provincial outlook, which notes that growth will return to Vancouver and BC’s housing market. It won’t be the breakneck year-over-year highs of several years ago, but it will be a moderated, sustained market that more accurately reflects the real state of the provincial economy, instead of a merely being a dumping ground for capital.
We’ve seen the market adjust to 2016’s foreign buyer tax, and we’re seeing it adjust again to new rules and corrections. While the current government intervention isn’t preferable, it is fortunately being balanced out by soaring full-time job numbers in the private sector, with BC slated to lead in job creation through 2019 and 2020.
Is this news to you? Remember! Always read beyond the headlines and soundbites.
So, if you’re thinking of buying a Vancouver home, it may be prudent to accelerate your search now, before prices begin to rise as summer approaches.
An experienced, ethical realtor can help you sift through the misinformation. Before taking the plunge to buy or sell a home on the Vancouver real estate market, consider getting a second opinion from a realtor who knows the industry and puts your interests first.
If you’re feeling uncertain about Vancouver real estate, I’ll be happy to bring some clarity to your decision making at 604.910.7777 or firstname.lastname@example.org