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I have always advocated the advantages of simply buying and holding your principal residence. Taking advantage of the principal residence exemption and enjoying the home. After all, you need shelter and owning your home certainly beats renting in a city like Vancouver. However in this unprecedented sellers market with record setting condo prices, bidding wars and ultra low inventory - buyers need to be careful. Every week on the MLS i’m seeing condo units sell at what I believe to be overpriced levels. That doesn’t mean we should throw the baby out with the bathwater. I still see units selling every week at what I feel are a good value. It’s a crazy market these days and we are overdue for a correction. That’s why today's buyers must buy right and have at least a 8-10 year holding period to outride any short term correction that will eventually come.
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