We wanted to buy since January, two realtors recommend we wait until Winter when things might die down but not only have they not, even houses out in the sticks are near 900K now

Then you have callous organizations like Vancity offering mortgages to anyone they can (acting all community like but seem more to me like preying wolves)

Boohoo any hope in sight?

Probably not. I've been in BC over a decade and it's been the same, when will they go down?

Go out to Abbotsford or Chilliwack, sticks yes, but you can get nice houses under 900,000.

Squamish you will get a pretty nice house for 600-700k, still under 900,000 and kind of in the sticks but can get to downtown 90% of the time in an hour.

I wouldn't hold my breath for lower prices in Vancouver.

Isn't it still cheap in Vancouver compared with big cities? It seems to me that it's much cheaper than London or NYC, it doesn't, of course, offer the same amenities but then it wouldn't, due to the lack of population. It only looks expensive if you compare it to really hick places or to places on the east coast with similar attractions; Halifax, for example.

Mm but compared it income it's pretty sh**e in my opinion. Salaries here at 110K are supposedly excellent but when the average home that was 900K in December is now 1.3M....that looks like a really ...difficult case, at least for me. London/NY salaries are nicer but yes the populace is also more voluminous.

The only certainly with any market of above average growth is that sooner or later it will correct.

I hope so...the markets have been odd for a while but I suspect it's because all central banks have pushed rates to near zero and every moment the world economy is still on a precipice, fuelled by massive debt - and reliant on the willingness of the masses to keep spending and investing in our dominant asset bubbles

Beam me up, Scotty

Thanks Jsmth321

It's expensive if you have to work for your money. Compared to wages, Vancouver is one the priciest markets around.

I've been hearing that for 20 years! It looks like later rather than sooner.

Before buying a house its worth looking at Book and Weblog – Authored by Garth Turner — Greater Fool – Authored by Garth Turner – The Troubled Future of Real Estate.

Gives some interesting information about risk, real cost of buying a house v renting etc

Anyone who says a market cannot return to mean historical pricing v income is usually going to end up being wrong imo.

Who cares what the prices in NYC or London are if your living and working in Vancouver?

Median income in Vancouver in Vancouver in 2013 73,390 slightly less then Windsor, ON which is 73,440.

According to this article from 2014 of the countries surveyed, Vancouver ranked # 2 behind Hong Kong.

London ranked # 10.

Vancouver's housing 2nd least affordable in world - British Columbia - CBC News.

http://i.cbc.ca/1.2505618.1390339722...le-markets.jpg

Other parts of BC are not much better, according to the article next to Vancouver the next 3 most unaffordable markets in Canada are all in BC.

I think the Vancouver property market is an anomaly. A perfect storm of high domestic demand (climate, lifestyle) and high foreign demand (safe physically, financially). Maybe a bit like Switzerland, where buying there either requires wealth or very long term commitment. The comment about affordability (salaries vs. prices) is spot on. As Aviator said, adjustments will be later rather than sooner.

The relevance is that Vancouver's not unique. It's common for cities to have property prices beyond the means of the people who work there. I have considerable sympathy for people trying to afford rent or mortgage in London or NYC or San Francisco but not so much for people struggling with the prices in Vancouver, Monaco or Palm Springs. If Vancouver is too expensive, most people posting here can move to Birmingham or Luton instead.

Ah the just move if it's too pricey, not feasible for a lot of people since moving costs a lot of money.

People in London, NYC, San Francisco can do the same as you suggest people in Vancouver do.

20 years is not that long in the housing market.

The UK in regional markets historically has run at cycles of 17 years.

The problem at the moment is the game is rigged by governments who can't afford the market to fall because there is nothing to fall back on.