Latest analysis by the real estate economists revealed that although the number of property sales “will ease over the period of 2010 by 3%, their prices will still climb by around 6%.”
This is an unusual trend, and once again shows a very peculiar character of Vancouver housing market.
Typically, when the number of sales goes down so do the prices. At least they adjust to the level of higher affordability for buyers, especially when a lot of property owners compete to sell within the same local area. Combined with an upward trend in mortgage rates, in normal conditions the market should adjust prices in favor of buyers. However, economists add that there only will be a “lesser upward pressure on home prices.”
In summary, demand in Vancouver housing remains so strong that it is highly unlikely that property prices will take somewhat of a plunge, and make housing gradually more affordable. Thus, new developments will still remain too pricey for the majority of people to purchase in. This of course is unfortunate.
Full report here.
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Tags: buy house vancouver, home prices in vancouver, housing trends vancouver, vancouver home prices, vancouver real estate stats
July 27, 2011 at 2:16 am |
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