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The Value of Money: Buying Real Estate

Home > Market News > Nancy’s Blog > The Value of Money: Buying Real Estate

If There Were No Mortgages, Real Estate Prices Would Drop.

  • Photograph of Nancy Smith
  • Qualicum Beach REALTOR®
  • Published: Feb 17th, 2020 at 11:11 am

I was recently reading some blogs with a discussion about real estate pricing becoming unaffordable.  Elderly people have heard this discussion frequently in their lives, especially when Mom and Dad bought their first new-build home sixty years ago for $23,000, in North Vancouver.  Of course now, that same land without a building is assessed for over $3 million dollars.

Recently in the news, thieves stole a truck load of toilet paper.  Huh?

Property listings in our local market have been tight, with superior homes receiving multiple offers, often settling above asking and assessment prices.  If homes are unaffordable, how is this possible?

Unaffordable only means what you want, exceeds either your resources or or your desire. Young families want to buy and live in a home that is superior to their parents, because the perception is Mom and Dad's home is old and outdated.  In most cases it is, but Mom and Dad didn't have the resources, the desire or the opportunity to own and maintain a superior home.  Mom and Dad bought and maintained what suited their lifestyle.  As our family grew, Mom and Dad had an addition built for the living room, and had a garage built for two vehicles instead of one.

So, what has a truck load of toilet paper to do with real estate?  When there is a limited supply, desire and hence the price of that property reflects market value.  How much is a roll of toilet paper worth, when there is none for sale?

Arrow graphic How much would you pay? (pdf)

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