Shelly Smee

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This was originally posted to the BCREA group on LinkedIn - I stand by the comment and I think it is worth repeating.
 
Throwing the term "bubble" around assumes that the demand for housing in Vancouver is somehow artificially manipulated or inflated, which over the past 10 years of solid growth simply is not the case. This terminology assumes that we can compare our markets to other markets ignoring the first rule of real estate valuation, Location x 3! Price is determined by a willing buyer and seller agreeing on value – let us not forget that key principle of a free market.

The fact is, people from all over the world want to live here. The Corporate Relocation portion of my practice over the past 15 years has me convinced that the Lower Mainland is truly unique. We offer lifestyle choices not available anywhere else in the world in a political climate which is very stable compared to many other beautiful places in the world. The CEO's and executives I work with could live or retire anywhere and they choose Vancouver. Mid-management level clients have lots of choice as well - and are often very accustomed to commute times of 90 minutes back east or south of the border so a 45 minute ride on a train or bus seems like a dream come true.

We have a very active development community that has added 1,000's of units of inventory across a wide range of price points from Pemberton to the border. The fact is the prime spots cost the bucks! This is true everywhere in the world.

When I hear people whining about our real estate market the first thing I ask them is "where have you travelled in your life" and most of the time the only bubble these people have ever experienced is the one they have never escaped from.

Our market will have its ups and downs along with the economic trends and interest rate changes. Economics can not change the Geography that brings thousands of people to our province every year. I

Enough with fear mongering & bubble-headed comments-save them for the stock market!