The outlook is not all doom and gloom for Vancouver. Far from it, actually.
Despite reports about the market falling apart, positive factors like price growth and consumer confidence have caused prospective homebuyers to rethink the avoidance of this city.
A problematic market for quite some time, Vancouver is currently on the uptick, and both homebuyers and local experts are taking notice. Love It or List It Vancouver co-host Todd Talbot, a local real estate agent and investor, believes that buyers should go forth and capitalize on the oppoptunities sitting in their backyards.
"I don't take big risks and tend to stay in the Vancouver area," Talbot says of his own investment philosophy. "I have looked at other opportunities outside of B.C., but feel more comfortable being able to drive past and tend to properties nearby."
With the Greater Vancouver market now enjoying a period of stability thanks to four consecutive months of increasing home sales, investor interest in the region is set to rise once again.
For local buyers, the question is not where to buy, but when. Gary Spencer-Smith, himself a B.C.-based investor, believes that other buyers should strike while the iron is hot, and the opportunities still exist with the market.
"People who do not start now (investing) will look back in 10 years and kick themselves, with record low interest rates (and) pretty good regulations on borrowing," says Spencer-Smith, an acclaimed speaker and adviser at NSS Investment Property.
"With less demand in the market, we are also finding that the 'deal of the century' is coming along every week."