I heard a so called real-estate expert expounding on the price of housing in the Greater Vancouver region. There are averages involved here, the average income earner, and the average house price. In Vancouver, it takes on average, 75% of one's income to sustain affordability in home ownership. That is too high according to North American averages. So, what has happened is a slight correction, in other words, the price of housing is coming down. So far so good. It makes sense. But then he said, "Now is the time to buy a home because the prices are down and in a few years the prices will go back up." ...... But, will that not mean that they will again be too expensive for the average buyer, and there will be a glut of them on the market, and the prices will again fall? Mmmmmm.
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