I've been wanting to buy my first home for a couple of years now, since just before we got the Olympic bid. So the day after the bid, I suddenly couldn't afford to buy in Vancouver anymore. And it remained that way until a few months ago. I mean, I could afford a shit-hole or a 500 square foot bivouac but nothing my wife and I would want to live in.
But recently we've seen what most folks in real estate were calling an 'adjustment'. Prices plateaued and then started to slide a bit. Nice places were staying on the market longer (remember, we're talking about downtown Vancouver here, not PoCo or Maple Ridge). But recently I'm starting to see places I actually would want to live in in downtown getting close to a price that we can afford.
For instance, dropping $500k at 4.5% is in my comfort zone. Last year, that much money would get me a studio somewhere downtown. Now it will get you a 2 bedroom, modern apartment.
So what direction do you (all those real estate gurus on BCSB) feel the market is heading in for downtown Van?