Is Vancouver Real Estate Overpriced or Underpriced?
From time to time I am asked if Vancouver Real Estate is overpriced. This is a very difficult question to answer and here’s why:
Compared to Where?
Overpriced is a relative term. Is Vancouver overpriced compared to where? Edmonton? Calgary? Seattle? Moose Jaw?
Many factors determine real estate prices. City and regional economic performance, security, climate, popularity, openness to international immigrants, tolerance, Fiscal and Monetary policy, architecture, size, population, density, geographic barriers to growth, I could go on and on… are unique to every City.
The unique mix of the above factors have resulted in Vancouver’s prices being what they are. To compare real estate prices with other cities with a very different mix of the above factors is like comparing apples and oranges.
Compared to When?
The Real Estate Market in Vancouver is a dynamic creature (like all markets) that is constantly changing. Vancouver Real Estate prices and sales volume constantly change. What may seem expensive one day may seem cheap a few months or years later and vice versa.
I Don’t Sell People on Vancouver Real Estate.
My job is to help my clients buy and sell Vancouver Real Estate. My job is not to convince people to buy and sell Vancouver Real Estate. Nobody can be sure if Vancouver’s Real Estate Market is over priced or under priced, because this is a subjective assessment of the market based on an individual’s opinion rather than a provable statement of fact such as REBGV Real Estate Stats.
What do YOU Think?
Your opinion as a potential Buyer or Seller in the Vancouver Real Estate market is the only opinion that should matter to you. Make your decision on buying or selling Vancouver Real Estate based on your thoughts on the market and where you think its going.
If someone tells you Vancouver Real Estate is overpriced or under priced, ask them what they base that statement on and I will bet you a very nice dinner (I’m serious about this, call for more details) that their statement is based on opinion rather than hard fact. If I’m wrong and you can prove it to me, dinner’s on me!
Thinking of getting into the market and never bought before? Check out my series of Vancouver First Home Buyer Advice Videos
I STRONGLY ENCOURAGE COMMENTS and love to hear your thoughts and questions in the comment section below!