We heard numerous people who were getting discouraged with the pricing escalations last year say that they were going to wait until the market goes down to buy. Instead of adjusting their expectations of what they should buy they chose NOT to buy at all....so they are still renting a home.
Fast forward a year later....and now they are even more behind. On average it actually cost them $75,000 in equity growth that they could have achieved.
See the latest market report for the Chilliwack Real Estate board with year over year comparisons for the month of September: