It is hard to have hope when the market has been cut out from under you. The rapid decline of the market has caught most realtors unaware. Unfortunately, they believed their realtor associations.A sure sign of a tough vancouver real estate market is when realtors start looking for other income sources. Renewals of real estate licenses are anticipated to decline. While some realtors are active, more and more realtors are electing to hold their license for better times while searching for more gainful employment. The following excerpt is courtesy of the Vancouver Sun.
One veteran agent sees a bigger departure of his colleagues.
"I would not be surprised to see the better part of 25 to 30 per cent of them leave the business . . . simply because they never should have been in the business anyways," said John Hripko of Royal LePage Foothills. "We're in a marketplace where some people are always busy and some people are never busy, and this basically is a deserved cleansing--not only in real estate, but I think in every industry."
Tough markets come and go. The smart ones bank some money in good times inorder to continue their business in tough times. That is the point. People who are committed to the industry understand the cycles and have,or will have, strategies to survive the downturn.
Duncan Seward is associated with TMG a group of mortgage brokers in BC. He helps people arrange a mortgage in BC. Every Friday he updates BC mortgage rates. You can check out his blog covering the mortgage market in Vancouver.
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