GM and Chrystler recently announced that they are leaving the auto leasing market due to heavy losses in this sector. Apparently, when their trucks (and also cars) are returned to the dealership, the vehicles cannot be sold for the residual value as people trade down to a more fuel efficient vehicle. This is a sure sign that the impact of high gas prices are being felt by the auto sector.
There is no doubt that this trend will also affect the real estate sector. Home purchasers would be wise to heed this warning.
Here at BCMortgage.ca, we believe a home is not just a place to live and raise a family, it is also a very significant long-term investment. The effects of high gas prices will influence where people purchase property and consequently, where demand for real estate will head. This sentiment is echoed by Cameron Miur, chief economist for the BC Real Estate Association. Mr. Muir says that while it may take a while before we notice this trend, we can expect demand to increase in areas near mass transit nodes.
The writing on the wall is clear. If you’re looking for long-term property appreciation in your home, you need to consider purchasing either near a mass transit system or within the city.
Posted by vancouvermortgage 
BC Mortgage 