"If all the economists were laid end to end they'd never reach a conclusion." ~ George Bernard Shaw
The humour in this quote illustrates the art and science of numbers. For decades economists have been speculating on the burst of a real estate bubble in Vancouver. Not that this can never happen ... just ... it has yet to happen. In fact, not only has the market yet to properly correct but housing prices just keep on rising. Further inflating this proverbial bubble. Similarly, for years we have been hearing Canadian interest rates will rise to dire levels putting mortgage holders in great peril. This also, yet to happen.
The fact is, economists are very similar to political scientists. Some make their projections based on theories, some on data and some on historical trends. These predictions can and do influence movement in the economy but they don't always play out as predicted.
Further complicating the numbers, the data and the statistics are all the so-called experts. Those of us who talk, write and broadcast about the economy and more specifically the real estate market. Many with no formal education in this area still choosing to share opinions, insights and political propensities. But please don't stop reading my blog posts because of this! Knowing what economists and those of us "on the ground" are saying is important. Why? On a macro level - economists influence the economic trends. On a micro level - realtors by extension - influence the decisions of their clients.
Real estate markets are covered by a broad band of media pumping out articles, blogs, news bites, reports and tweets .. All day, every day. The key for the consumer is critical consumption of this media. Although economists and realtors lack a crystal ball, many have really big brains and loads of experience providing a wealth of knowledge and foresight for their readers and clients respectively.
Gathering information from a variety of sources will provide you with a clearer picture that will allow you to make thoughtful and informed decision about your career, your investments and your real estate goals.
Here are a couple links we hope you find useful and informative:
And remember, get yourself a realtor! The support of your local real estate expert goes a long way when attempting to navigate smoking hot markets like Surrey, South Surrey and Sullivan Panorama. How you ask? Your realtor can ... compare up to 4 geographies at a time, filter results by countless housing variable combinations, examine data in the form of counts, medians and averages, compare and customize square footage and price ranges and share all this data online in print, email and with live home search widgets. WOW!
Thanks for your interest!