A Balanced Real Estate Market - VANCOUVER

Canadian home sales climbed 2.7 per cent in September from a month earlier, illustrating what economists see as a balanced market with no signs of a bubble about to burst.

Average prices didn't change all that much, but now sit 6.5 per cent above where they were a year ago.

Vancouver housing continues to look balanced and healthy, as low mortgage rates and a falling jobless rate are offsetting weaker consumer confidence and tighter mortgage rules. 

Robert Kavcic of BMO Nesbitt Burns said "We continue to expect sales and prices to cool in the year ahead, but the landing should be a soft one."

Economist Sonya Gulati noted that so far this year, sales hit their peak in January, and sales are down 2.6 per cent since then. New mortgage rules, heightened economic uncertainty and a "growing saturation" of first-time buyers have had a dampening effect, offset by continued low interest rates.

Canadian economist anticipate a tug-of-war action to take hold in the Canadian real estate market between low interest and mortgage rates and only modest economic, income and employment growth.  With both push and pull momentum, Economists expect both prices and sales to hold fairly steady, relative to current levels, over the next year.

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Eniz Aziz

Eniz Aziz

CENTURY 21 In Town Realty
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