Finances & Real Estate Big Drop Predicted for Vancouver Real Estate Prices

I don't know what is wrong with people. For example, there is a condo by metrotown (Centerpoint is the condo name) 833 sq ft, going for $480,000. It's the ugliest apartment. Looks like a mental ward inside. You would have to be insane to buy in this building. Vancouver people are loonie to let the market get this out of control. Vancouver is a rainforest that's not worth paying the highest prices ever. All those realtors were laughing all the way to the bank from the locals insanity.

 

I agree $480,000 is too much to pay for a condo, more so in this case it is a resale condo, I rather top up that $480,000 a bit and buy perhaps a resale house in Surrey or Langley at around that price.

Realtors do make tons of cash from that $480,000 transaction but if the original owner bought the place cheap, this owner would have made a lot more profit than the realtor.

 

Drop in price can only happen if land price goes down. Construction prices can never goes down. Yes no of houses sold in particular month can go up and down.

 

Why? Both can go down. Land price is certainly a more important factor but construction prices are still subject to the same economic forces as any other industry.

 

Only realtors and economists who have a vested interest in real estate are denying some sort of correction.