Hello guys,

Do you think that property prices will fall in Canada?

Would it be smarter to wait than to buy right away?

Thanks!

Care to be a bit more specific? That's like asking about property prices across the whole of Europe! Canada's such a huge country that even narrowing it down to a province would help.

I am looking for information on Vancouver Island in particular Nanaimo, as I plan to live in that area.

Do you think property prices will rise or fall in this region?

Thanks!

prices in van island have already fallen and the market is slow. why do you think they'll fall more?

Exkiwilass,

I don't know the market but know you have told me and I am happy to know the details.

Thank you

They might, but then again they might not. Prices are soft right now and could go either way. However buying the wrong property in the wrong place can be more costly than waiting.

http://www.vireb.com/assets/uploads/...lease_6640.pdf

http://business.financialpost.com/20...-high-in-july/

IMO, if you are buying a home you intend to keep for the medium to long-term then go ahead. The downside is limited. If you are speculating on capital appreciation I would be extremely cautious.

Why would anyone think they wouldn't fall? Just because prices have fallen doesn't mean they can't fall further. When prices fall, buyers tend to think the bottom hasn't been hit yet and they wait a bit (like the OP). This action by itself can cause prices to take a further dive (reduced demand) - it becomes a self-fulfilling prophesy in a way. No-one knows for sure where real estate prices will go in the short term - it's a bit of a gamble. You can only play the percentages.

http://www.huffingtonpost.ca/2013/08...#slide=2803181

South Vancouver Island.
I was talking to our realtor (based in Sooke, but works South Island) the other day . He mentioned that the property inventory for the south of the Island has dwindled somewhat due to people pulling their houses off the market. Reason? They would not get the price they hope for. He suggested also that sales are proceeding at the same rate as last year. I said that there are signs that prices might be starting to move upwards. In his mind prices are not going up.. just yet.

Personally, I feel the market has pretty much bottomed out. Buying now might be a wise thing to do. Hoping for more downside? I doubt that'll happen here in Vancouver Island.

Irishlady, start following these two blogs:

http://greaterfool.ca (updated daily)

http://househuntvictoria.blogspot.com/ (updated ca. weekly)

The official stats on established (not new) house prices in Victoria and other large cities are updated each month at:

http://www.housepriceindex.ca/Default.aspx

Only believed by greater idiots. You do realize the author is an investment broker? He has an agenda to talk down real estate (and has been trying to do so for years). His message is don't buy a home, give your money to me.

no VREEA? the bears love that one. too bad she/he has been wrong for a decade.

Property prices do tend to hit a floor (and not fall to fully reflect low demand) as most people are unwilling to move if they will take too big a hit on their capital. It is an imperfect market.