Speaking of grey skies, let me shine some light on a currently cloudy subject: the Canadian housing market. Don’t believe everything you hear. The statistics from January indicate that Vancouver is a buyer’s market at the moment. And there is still affordable housing to be found in Vancouver. With the right real estate agent and a mortgage broker who thinks outside the box and fights for you, you can own your own home.
Yet the media is trying to convince you otherwise. As Robert Shiller stated in 2006, “there are reasons to suspect that the price changes… are related to public swings in opinions rather than fundamentals.” And who controls public opinion? You guessed it: the media. In fact, there are those who are arguing that Canada is talking itself into a housing crisis, when there is not a crisis to begin with.
Larry MacDonald, of the Globe and Mail, asserts that some major media outlets may be fear mongering Canadians with continued “bubble talk.” What followed in the US was declining prices, which in turn led to a federal – and international – financial crisis. Canada is arguably more financially stable, and that may help us to weather the storm. But wouldn’t a better solution be to tell the truth, especially if it saved us a fiscal nightmare?
If you want to learn more about the current housing market and how we can work together to achieve your homeownership dreams, contact me. Let me show you the sliver lining in these “supposedly” grey clouds!