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Don't hold your breath!I've been hearing that a lot of banks won't lend mortgages to a lot of homes in vancouver that are extremely overvalued. Unless you have 60% down payment then mind as well forget about it. So unless the chinese buy with all cash the r/e market is doomed and can't sustain any more increases. Nobody will buy the 3 or 4 million dollar homes that are out of reach for Canadians. So prices will have to come down or houses will sit unsold or empty.
I think there's a ways to go. They have a 600 year head start, after all.We are turning more like London every year
Respectfully, this is incorrect information. Banks won't lend money to people who, in their eyes, won't qualify. Banks do not consider homes 'overvalued' in Vancouver or they wouldn't lend money on ANY of them.I've been hearing that a lot of banks won't lend mortgages to a lot of homes in vancouver that are extremely overvalued. Unless you have 60% down payment then mind as well forget about it. So unless the chinese buy with all cash the r/e market is doomed and can't sustain any more increases. Nobody will buy the 3 or 4 million dollar homes that are out of reach for Canadians. So prices will have to come down or houses will sit unsold or empty.
And triple the population. Centuries of appreciation, a bubble and the average house price is still £500,000. Might be one of the few times unicass is being honest.They have a 600 year head start, after all.
Oh how I would love to know how any local qualifies for a 1.5million+ purchase.Respectfully, this is incorrect information. Banks won't lend money to people who, in their eyes, won't qualify. Banks do not consider homes 'overvalued' in Vancouver or they wouldn't lend money on ANY of them.I've been hearing that a lot of banks won't lend mortgages to a lot of homes in vancouver that are extremely overvalued. Unless you have 60% down payment then mind as well forget about it. So unless the chinese buy with all cash the r/e market is doomed and can't sustain any more increases. Nobody will buy the 3 or 4 million dollar homes that are out of reach for Canadians. So prices will have to come down or houses will sit unsold or empty.
Think about it, if the banks comletely stopped lending on these properties, they would kill the market.... and kill themselves.
- Resident doctors and lawyers make more than that.The wealthiest local money couple I know earn around $300,000 annually pre-tax