Vancouver, BC - November 17, 2011
Back in 2007/08, the real estate market in BC was one big splotch of green. From northern cabin to southern mainland condo, home prices steadily climbed,realtors propagated like mushrooms after a summer cloud burst, developers feverishly planted condos in ever-more remote grounds, pundits kept assuring their investors that across its entire breadth and depth, Eden by the Pacific is forever ... so buy now! And by the way, have I got an investment-grade condo deal for you!
... and then the whole thing fell apart.
For the next four, five years, property values in most all of British Columbia withered and dried. Most, but not all places. The urbanized cores -- the aforementioned watering holes of Greater Vancouver, Vancouver Island and Kelowna -- largely held their own.
It's early days but Landcor Data numbers suggest the 'outer' regions could be bottoming out. The big question: Does this signal the waning of the drought, the first trembles up from market trough -- and the signal for the canny and the quick to move in, buy wisely, prudently and longer-term?