Vancouver Housing Prices Going Down Finally

From what I heard on the local Global Vancouver news it looks like housing prices may start to finally come down after 5 years. There is a sharp increase in the amount of real estate listings combined with low buyer interest. It’s about time , Vancouver housing prices have more than doubled in the last five years. I have no clue how a regular person can afford a house in city of Vancouver. My house is now worth about $1000,000, unbelievable. In most other large cities my home would in the $500,000 range, but not here. We have the worst weather (raining for the last 3 days straight) but people love it here. It’s a pretty city when it doesn’t rain, but damn.

I think the sharp rise in gas, along with what is happening in the U.S. housing market, it was just a matter of time before people started to stop buying homes in Vancouver. The inflation rate is going through the roof, scary times.

Anyways, I think it’s a smart move for me to sit on the sidelines while the Vancouver house prices drop, then buy some condos at a lower price. No point buying now if the prices are dropping. Vancouver isn’t great for positive cash flow properties but if you can afford to put down 25% – %35 it can cover itself. Want positive cash flow, then go to Winnipeg and deal with all the crap they have there, been there done that. No Thanks.

Also it looks like I will be getting an offer on my 4plex in Winnipeg, so I can finally rid my mind of that nightmare once and for all. My overall goal is to have 20 properties (house & condos combined) to live off of the rest of my life. Being a landlord is a great way to earn passive income forever. There are no Google changes, no web hosts going down, just me and dealing with tenants. Tenants can be lots of fun, yeah right.

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