Another realtor is hammering in the idea that the window is fast closing before Metro Vancouver’s white hot housing market picks right back up since the foreign buyer’s tax was introduced.
Vince Taylor with Pilot House Real Estate calls the foreign buyers tax an artificially created window.
He says now is the time for locals to get in the market.
“You have a window of 60 to 90 days, the market wasn’t going to go on forever. At some point markets stop, they go up, they go down.”
He says the cure for higher prices are high prices.
“At some point people say no, I won’t pay this much for a car, I won’t pay $87 dollars for a pair of socks, I won’t pay $82-million dollars for a house and then the price starts to come down.”
“Here is an artificially created window but I don’t believe it’s going to last. The bottom line is markets go up and markets go down, period. There is no one on earth that is capable of predicating the day, the time, or the reason. What we do know for 100% certain is that what goes up must come down and then goes back up again.”
Earlier this week the Real Estate Board of Greater Vancouver released data showing a slump in sales at 26 per cent this August compared to the same time period last year.
Taylor was speaking on CKNW’s Vancouver Real Estate today show.