Quote:
Originally Posted by officedweller
The problem is that is you improve it too much, you'll never be able to take it out.
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Like the bike paths downtown? Hehehe... couldn't resist.
@BCPhil... one of the more thoughtful future-thinking posts I've seen here in a long while. Well said.
A lot of the people on those properties are getting older. The kids inheriting the land will be under greater pressure to sell. Residential real estate overall in Canada is likely entering a long protracted decline. Boomers will be retiring for the next 15 years, many of them liquidating their big asset (house) and will be adding a lot of property to the market, further putting pressure on the market.
If we do end up in a long slide back to affordability, many buyers will hold, hoping for an increase in value, the smart will get out early, and masses will sell when we near the bottom.
Over time as the market returns to balance, properties in good locations, like the west side of Vancouver will hold their value better than others, but properties further out will collapse. If selling a tiny house in Kerrisdale means you can buy a house
or three in other parts of Vancouver or Burnaby for less... it suddenly becomes an attractive opportunity.
It will be interesting to see.