Perhaps we can retitle this post: "My Daddy sold real estate and now so do I, so listen up!"
Vancouver Realtor Greg Andruff proudly proclaims on his website, "I sell houses on the Westside." As such he's not too impressed with all this talk about a Vancouver Housing Bubble, a condition he proclaims is a 'myth'.
And Greg has the experience to make such a claim. From his website citing his qualifications:
- After growing up in a “Real Estate Family” and many years in the service industry, Greg decided to prepare himself to join his family’s business by working for a year in the conveyancing department of one of the top real estate conveyancing law firms in Vancouver. Greg then achieved his real estate license as a Residential Sales Representative and joined (the family business) to continue with his passion of great service.
Today our buddy Greg proudly sets out to 'Debunk the Bubble' on his website.
After citing the Canadian Centre for Policy Alternatives published study 'Canada’s Housing Bubble: An Accident Waiting to Happen', Andruff tells us there are holes in the bubble plan because,"As a Vancouver Realtor® I can only comment on my knowledge and experiences from the point of view of the Vancouver Market."
I don't think it will come as much of a surprise that Andruff's point of view is that all this 'bubble talk' is hurting business and is, therefore, a bunch of B*llsh*t!
Andruff dismisses concerns about overextended buyers and the other concerns about the state of our market by telling us that "in Canada we do have several intelligent organizations closely monitoring these “factors” to ensure that we do not follow the American path."
You can follow the link to the read his weak analysis for yourself.
Andruff says that "the Vancouver market is not currently approaching any triggers to burst a bubble such as wide spread job loss or a rapidly rising interest rates. Vancouver’s housing inventory is balanced. Interest rates are at historic lows (they will go up eventually just yesterday short term rates when up a quarter point) but at the moment they are remaining relatively flat (and fixed rate mortgages have recently dropped). We will likely see slow and moderate growth and we are currently experiencing high net migration of wealthy 'high net worth' Asian immigrants creating demand that is currently being met with a somewhat balanced supply of housing stock. "
Bottom line: we're immune from the evolving worldwide economic collapse and we've got that 'hot asian money' coming in.
Gee Gary... thanks for that. How could I possibly see things differently after that explaination.
Guess I will pack the blog in now.
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