I have decided to start a NEW thread for BC Real Estate discussion. The "other" real estate threads have reached their end of life cycle and so I would like to start with something new and fresh.
As a real estate professional I take my job very seriously. I believe I have a fiduciary duty to do what's best for my clients, whether it be buying or selling their largest investment, which is their home. I try to do the best I can with the current information that is available to me but unfortunately the market does not always co-operate. There are ups and downs in this crazy real estate industry, and so I have to sometimes make judgement calls based on current and real time information in order to give the best advice I can to all my valued clients.
I have been a licensed real estate professional for 16 years. I was first licensed in 1993 and worked for about 6 years before taking a "break" from real estate and going into the financial services industry for the next 7 years as a Financial Planner, working Downtown at one of the big banks and servicing high end clientele, lawyers, doctors, accountants and business professionals. So I also learnt the mortgage and investment side of the financial industry. My love for real estate never left me and so in 2006 I decided to go back to my first love and become a full time real estate professional again, and have never looked back.
As a result, I have seen all of the ups and downs of the real estate business for the past 23 years. We have had alot of ups and we have had some pretty scary downs as well during that time. The leaky condo crisis of the 1990's almost killed our City, the NDP government of the 1990's almost killed our economy. The financial crisis of 2008 almost threatened our existence. Throughout all of this turmoil our great city of Vancouver has prospered, becoming one of the top destinations for locals as well as foreigners in the entire world.
Over the last 7 years or so, our City has experienced tremendous growth. There are new developments and new skyscrapers all over the City now as well as the suburban areas. We have expanded into an international destination and we are lucky to live here. Unfortunately, because of all of this growth and international attention, we have now become a City that is basically become unaffordable for the average local Vancouverite. Not only is it expensive to buy the basics such as food and clothing, but our real estate prices have skyrocketed into the hemisphere over the last 7 years or so, with even a small single detached bungalow in an average part of East Vancouver now becoming unaffordable for most of the locals.
There are lots of people to blame for this and lots of reasons for this phenomenon. Government of course has played a key role in allowing our real estate prices to skyrocket with little or no regulation to stop the insane increase of homes in the City. Foreign ownership is also a big reason for the insanity of this market. The CRA can also be blamed for not doing a better job at finding tax cheats and allowing the dirty money to flow into the City to scoop up our most valued pieces of real estate. Basically it is a mess right now. And it is hard to determine what is the best course of action to fix this mess.
As we all know the BC government has stepped in to try and slow down the foreign buyer market, and their new 15% foreign buyer's tax implemented last month has certainly put the brakes on foreign buying. It was a controversial tax and I will be the first one to admit that I was "pissed off" about how it was implemented and the fact that it hurt locals as well as innocent foreigners from the USA and Europe, people who were not the "intended" target of the BC government. They were basically "collateral damage" to the new tax and so therefore there was alot of hatred and animosity, myself, included, against this tax as well as against Christy Clark and her government.
What is done is done however, and so here we are now. In the last month sales have plummeted on the detached single family house side, and prices as well have come down from their high points and the median price has also dropped around 10% in the largest areas of Vancouver, where the foreign buyers were scooping up property. Sales and prices for attached homes and condominiums still remain strong, with sales and prices still climbing in most areas, albeit not as much as they were a few months ago. It will be interesting to see what the future holds in terms of sales activity and prices moving forward.
I will be updating this thread as often as possible with real time market information to keep everyone in our CDC family on top of what is happening in the market. i can provide real time stats in terms of sales and prices for pretty much all areas of the Lower Mainland. I will also be posting articles that I find may be interesting to anyone, as well as any new real time data and charts that come out. I also have contacts on the Commercial side of the business so I will from time to time post articles and information in regards to Commercial Real Estate.
I welcome all and everyone to post as they please and to make this as good of a real estate discussion as is possible. I know that this is a very passionate topic for alot of people, especially now because of the affordability crisis that has taken shape in our beautiful City, so hopefully we have passion and share great information with each other but not go over the top with personal insults and I told you so's. That seemed to be happening quite a bit in the other threads because of how passionate we are in regards to real estate and the red hot button topic that is creates, so hopefully we can ALL be more civil in this thread, including me.
I also welcome all the other real estate professionals on this board to contribute as much as possible given their busy schedules. I know we have at least one other Realtor on this board, Realtor Rod, who works outside of my areas so he can certainly contribute on his side of the border. I believe we also have lawyers (Taxi), and some mortgage brokers and appraisers on this site if i'm not mistaken, so their input would be quite valuable.
Anyways, this is my first post of many on here, so I will try and post some new market info as soon as I can to share for everyone.