With all the doom and gloom I have been hearing over the last few months about housing prices going down and there being a bubble in the Vancouver housing market, I have stated on a number of occasions that while the market may be a bit quiet currently, it is normal for the summer months to be quieter, and it is compounded by the fact that the market is adjusting to the mortgage rule changes from the beginning of July. It is also a pattern that I have noticed that in the past 4 years, whenever the government has instituted tighter lending rules, that the market goes quieter for a period of 2-3 months before adjusting and returning to “normal” for lack of a better term.
With this in mind, a senior economist at CIBC has stated similarly that demand for housing will remain stable due to strong demand. You can see the story here. CMHC also corroborates this opinion in the article here.
I am not going to say that someone buying a family home is going to become independently wealthy based on a year’s appreciation in their property value, but to say it is a bad time to buy a home would not be accurate. Especially in Vancouver, the population continues to grow and there is a finite amount of land available to build on. There are no farmers fields in Vancouver to develop, and water, mountains and international borders impede further land to develop upon. If you currently work in Vancouver, a move to the eastern part of Langley or further would be difficult for the commute.