With interest rates creeping up, Dustan Woodhouse joins Adam and Matt to discuss the state of the Vancouver Real Estate Market and Vancouver housing predictions for the balance of 2018.
Predictions for rest of 2018
If you’re a buyer who is trying to buy for under $1 m, you’ll have no clue what this slow down is the media is talking about. The sub $1m market is still so hot. It cools over $1m and turns ice cold over $1.5/2m. We may see an overall activity drop but not a price drop. People don’t have to sell at the higher price point. So it becomes a question of who is going to blink first.
What does down turn in Vancouver look like?
We’ll take a little breather and then we will move forward again. The government may actually trigger a recession with all of the measures they put in place to protect us from a recession. Hopefully cooler heads will prevail and the government addresses the supply side of the market instead of the demand side. So far they have just made creating supply more difficult.
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Dustan has been a mortgage broker in the Lower Mainland for 10 years. He is 46 years old and bought his first property 25 years ago. He has bought and sold many properties and learned never to sell anything ever again (real estate has been good to him)!