For many years there have been predictions for a real estate market crash in Vancouver
Do you think the real estate bubble in Vancouver is going to burst?
BMO chief economist Doug Porter doesn’t seem to think so. For many years there has been talk about a real estate bubble burst in Vancouver, yet our market keeps getting stronger. The average price of a home in Canada is above the half million dollar mark now. There have been big booms in Vancouver and Toronto real estate since 2008 and an increase of 60% on the average price of a home in Canada. Prices still rose during the 1990’s recession , even in 2009 when there was a financial crisis happening there was only a small hiccup in price.
Though they have been crying wolf for many years, it could be true one day. The timing will be the battle they fight, will they ever get it right? For now low rates and high demands for homes in Vancouver and Toronto still outweigh the supply. So as of now prices will continue to rise.
Do you think the bubble will ever burst? If so when? would love to hear your comments below
Original article from CBC: http://www.cbc.ca/news/business/bmo-porter-housing-crash-1.3493809
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