The Future Of Vancouver Real Estate - A New Target?
It Is Time To Focus On Lower-Income Real Estate Buyers According to Bob Rennie
There is no question that the Vancouver Real Estate market has changed in past 14 months, but what will it look like one, two, five years from now?
Well Bob Rennie has shared his thoughts and I must say they are spot on.
But will Rennie be able to convince the rest of the industry.
A lesson is being handed to the consumer and the housing industry, but will they accept the lesson?
Rennie says the Real Estate investors & those after luxury properties are all but gone and may be never coming back.
"It's the rich guy that got whacked."
He is encouraging developers to focus on first time buyers and lower income buyers.
I agree, as first time home buyers and low interest rates are what is driving the current stabilization of the Vancouver Real Estate Market.
Eventually that pent up first time home buyer demand will wane and fixed interest rates are on the cusp of going up.
But will the industry pay attention and reinvent the starter home?
Will they recognize that buyers do not NEED stainless steel appliances, granite counter tops, crown moldings and other items that were included in the condos, townhouses and houses of the past 5 - 10 years?
Time will tell, but it will be a wise move to build a product that matches the demographic and income of Vancouverites.
A move many will now say is long overdue.