Housing Bubble

As most of us have seen, the housing prices, especially here in Vancouver, have been soaring up and up. This is just been starting to level off presumably since the interest rates have started to climb and possibly just affordability. Also, here in Vancouver, there is an abundance of condos being built and possibly an oversuppply at the moment. Warren Buffet was recently quoted as to say that housing market is slowing down especially in the hottest areas. I would have to say that Vancouver would be one of them for Canada especially with the Olympics buzz. He also says that with banks having made it ridiculously easy to get a bigger mortgage that soon people may not be able to afford their homes shortly. Since I haven't bought a place yet, I'm going to wait and see what happens in the next couple of months and be ready to catch some good deals on the downturn if it happens.