As Realtors, we I am asked on an almost daily basis - do you think this is a housing bubble? Is the crash coming? Oh, how I wish for that crystal ball!! It's a pretty logical question, given the state of the current market. It has been a great many years since there was such a strong sellers market in place.
The answer to the bubble question is not cut and dried, but my basic feeling is this. If you look at the historical graph for real estate sales in BC, there are always peaks and valleys. One should note however, that the peak which follows a valley is almost always higher than the peak that preceeded it. IE. Prices always rise over time, but it TAKES time.
One other line of thought that people fearing "the bubble" should consider is the global economy. BC, and especially Vancouver, has become a highly sought after global destination. It's a safe place for foreign investors to put their money. Its a safe place for people also. If you consider Vancouver on a global level, it has long been substantially undervalued when compared to other global destinations such as New York, Paris, London and Tokyo. A pricey condo in downtown Vancouver compares to roughly a dingy below ground closet in New York.
Our prices, in my opinion, are just now "getting with the times", in my opinion.
For now, Sellers & Realtors rejoice!! Take pleasure in just two days of open houses netting you multiple offers!! (That is, if your realtor markets your home correctly, and you are priced right!!). Multiple Offer Mondays don't seem like they'll be dissappearing any time soon!