This article just came out today (posted below) in the Vancouver Sun and I found it very interesting for many reasons. I do have to agree, the prices in Vancouver have reached higher levels then in the past but it just goes to show, even when they post contradicting arctiles about how the market is slowing prices of real estate still provide a value as far as investments. How is it that Buyers and Sellers are still getting fair market value for their homes when bought and sold if, by the way the media reports it, we are in a declining market?

It just goes to show how a GREAT REALTOR, can not only make sure you have a legally binding contract that is enforceable, but also get you top dollar in current market conditions if your selling or by helping you NOT pay more than market value for a home you are considering buying.

Along the lines of this article, it says that the average condo in Vancouver can consume approx. 43% of your income. In Surrey, South Surrey, and Central Surrey there are many condos that start at around $200,000.00 and with the Port Mann and Pattullo bridges you can be in Vancouver within 30 min., live the same lifestyle as if you lived in vancouver and pay almost half the price as you would in Vancouver.

My team and I have an excellent success rate and work on referalls from you, the public, as well as friends, family, and past clients. I am in the business of buying and selling real estate as a full-time career and would love YOUR business and helping you make the right move. If you have any questions on the article below or know of anyone Buying or Selling real estate in Surrey please contact me @ info@dilrajsohi.com

Article Starts Here: 

RBC economist Robert Hogue is raising a “red flag” about housing affordability in Vancouver.

The bank's quarterly report on housing trends and affordability, released Monday, says that Vancouver is one of a handful of Canadian markets where the share of household income taken up by home ownership costs “is at worrisome levels.”

Average home prices in Vancouver have jumped about 40 per cent year to year, according to RBC, and the proportion of median pre-tax household income required to service the cost of a mortgage on an existing housing unit exceeds 70 per cent for both two-storey homes and detached bungalows.

A standard condo consumes about 43 per cent of income according to RBC.

“In Vancouver, Canada's most expensive market, RBC housing affordability measures are very close to their all-time high, which points to significant underlying stress and raises a red flag,” the report says.

It adds that “very poor affordability is likely to restrain demand in the period ahead.”

Ottawa, Montreal and markets in Saskatchewan also show poor affordability relative to historic trends, while the situation in all other major Canadian housing markets and regions is “very close” to long term averages