Will the Vancouver market crash soon?

I don't think there are any signs for the market to crash soon

The Vancouver market is taking off NOW!!!
Last year 2011, started to rock in March, then the Japanese Earthquake, then the Canada Elections then the wettest coldest rainiest spring summer ever and the HST ...and guess what...no market...Yes the rich Chinese were buying to beat the new Chinese currency controls coming in this year 2012, but the Chinese Real estate market was already nosediving by 25% last fall when I was in Beijing and buyers were screaming for blood at developer's offices., So the 2011 Vancouver market was negative 7% with not much moving...But watch out.
I just listed a so so valley property and it sold for over asking in 6 hours with 4 offers. i believe last years pent up demand will show up this year. It actually started in November when the market suddenly lit up from nowhere, paused for Christmas and our two week winter and now...Whoo Whoo. Better Buy now. it's crankin up.

What exactly do you mean by "crash"? If you mean that prices will drop substantially and suddenly - not looking like it. If you mean slight drops - perhaps. But, Vancouver is and has always been a very desirable place to live and therefore will most likely always be in demand. People from around the world move here for many reasons, and our prices, believe it or not, are still more reasonable than many other large cities in the world. And even if the house prices are less expensive, the cost of living for other things is higher - that is seldom, if ever reported. Take Alberta for example. Grand Prarie - home prices are less, but property taxes are higher, heating is higher, amenities are further away - take your pick. To get everything that Vancouver has to offer has to cost something, and as I like to say: there's a price for living in paradise.

Hi John,

I don't think that the Vancouver real estate market is going to crash - in comparison to what has happened and still to some extent is happening down South in the States - but there may be some adjustments made along the way. However, overall, based on the local demographics, diversity and resources of the city, and not to mention the standard of living in Vancouver and the surrounding areas, there is a good chance that house prices in the long term will go up.

Also, remember that the Canadian population has increased in the past 5 years according to Statistics Canada, and majority of this increase is seen in the West with the arrival of immigrants every year.

Now, all that said, it is interesting to NOTE that according to the Canadian Real Estate Association CREA overall in the Province of British Columbia the provincial house price average has decreased: Dec '10 $523,990 vs Dec 'll $513,583.

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