That's a great question! I can certainly appreciate where many owners feels that the Real Estate prices just can't go any higher. Through my 15 years of Real Estate career, I've heard that numerous times where people thinks prices just can't go any higher and the market is about to crash. Certainly, our current Real Estate market is experiencing some uncertainty especially with the sudden introduction of the 15% foreign buyer tax. Hence, we can see market adjustment both in terms of sales volume and price, but ultimately, the Real Estate market and fair market price is made up of the supply and demand in a market.
here is a graph that records the average sale price of Real Estate Greater Vancouver for single detach house, townhouse and condo in the last 30 years.
As you can see from this chart, every time there is uncertainty introduce into the market place, (ie. sudden rise o mortgage interest rate from 12% to over 20% in early 1980; when the financial crisis hit in 2008 to early 2009 and when 12% HST was introduced), the market would experience a temporary adjustment and it had recovered very quickly and went up even higher because there was still more demand in the market place than supply.
Going back to the question, are we at the highest price it will ever be? Well, I don't have a crystal ball, but from the historical market trends, the continuous low interest rate, as well as the quality of lifestyle that Vancouver can offer, it would appear Vancouver is still an attractive place to live and invest.
With regards to whether you should hold or sell your property? I would like to suggest that a homeowner should consider this also from a lifestyle point of view. Why are you selling? Where would you plan to move to? What is the time frame for the move?
If you are moving because of a lifestyle need and if you are also purchasing another property (ie. downsizing or up-sizing), then it's irrelevant as to what market it is as long as you are buying and selling in the same market. If you are speculating the market, then Vancouver Real Estate market has definitely done very well from the historical trend we can see; given the limited supply in land and continuous demand, both from locally, from migration via other provinces and international buyers, I would think there would still be upward pressure on Vancouver real estate prices.
Hope this helps.