Peter Simpson wants to offer reassurance to new Lower Mainland homeowners worried about the shrinking value of their houses. Don't be dazzled or depressed by price changes. They go down, then they recover and rise over time, he says.
Simpson believes people only hurt themselves if they become obsessed with tracking week-by-week house price changes. "They should not consider their home and its value as a pork belly future," he says. "That causes a lot of people angst. "Live in it, enjoy it and if you have to move somewhere else, sell it and move on."
If you must worry about something, worry about the resistance from some people to letting their neighbourhoods evolve into a mix of single and multi-family housing, Simpson says. Densification is the key to providing affordable housing choices as the Vancouver region grows, he says. "We have to start building more high-density housing along arterials and even up side streets in existing neighbourhoods."
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