Outlook for Vancouver Housing Market
An article collection by Richmond Realtor, James Wong:
CBC News posted on Tuesday, May 6, 2008 "B.C. real estate sales cool, but prices still expected to rise"
Home sales in B.C. may be cooling off after hitting a record pace in recent years, but prices are expected to continue to rise for the next two years, according to a report released Tuesday.
The average residential price for an MLS listing in B.C. climbed 12 per cent to $438,975 in 2007 and is predicted to increase nine per cent to $479,000 in 2008, followed by a modest four per cent increase to $499,000 in 2009, according to the British Columbia Real Estate Association's spring housing forecast.
The average residential price for an MLS listing in B.C. climbed 12 per cent to $438,975 in 2007 and is predicted to increase nine per cent to $479,000 in 2008, followed by a modest four per cent increase to $499,000 in 2009, according to the British Columbia Real Estate Association's spring housing forecast. Read more...
What if market sentiment changes and real estate demand suddenly collapses in Canada, especially high price areas like Vancouver, Victoria, Calgary and Edmonton.
The shift in market psychology could happen in view of what's happening in the housing markets in around the world. The housing market problems reported in recent months are:
1) The US housing market is already in decline for the past 18 months.
2) Home repossession orders in the UK spiked up and more foreclosures are expected.
3) Spain and Australia are now facing serious erosion of house prices
In view of what's happening around the world, I am more inclined to project the real estate market in Canada for the next 18 months to stay flat or even show a slight decline in home prices. You can follow Brian Ripley's Canadian monthly housing report and price charts here.
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