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Why Falling Prices Won’t Make Buying A Home In B.C. More Affordable

Why falling prices won’t make buying a home in B.C. more affordable

By Joannah Connolly for Vancouver is Awesome

“Finally, the market correction we’ve been waiting for!” I hear people saying recently. “Maybe now I’ll actually be able to buy my first home.”

Well, cool your jets there, enthusiastic would-be buyer. I’m sorry to break it to you, but there are reasons that home sales in major B.C. centres have fallen off a cliff, and that prices are teetering on the edge of the same abyss. And those reasons are what will probably prevent you from buying a home any more affordably than before.

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Here’s the thing. People will always buy real estate at the maximum price that they can afford – it’s just human nature to make a nest that you can be proud of. If lenders and governments make it really easy, and cheap, for people to borrow a lot of money to buy a home, those people will do so. Consequently, real estate prices go up. That’s what was happening with our record low interest rates over the past few years.

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