Over the last few months many Real Estate economist and Professionals (even The Aziz Group) has been predicting a slight drop in Vancouver Real Estate Prices (3%-4%). The new quarterly forecast from the Canadian Real Estate Association has predicted the Vancouver Real Estate prices will drop an average of 4% in Vancouver. (Note; This is an average drop. Some types of homes and certain areas will dip more and some will not drop at all.) This will bring the average price of a home from $561,300 to $539,100.
Gregory Klump, CREA, chief economist said the main reason for BC's forecast decline is because of multi-million dollar sales activity in early 2011 caused the average prices to temporarily spike, something not expected to occur this year.
Spring is typically the busiest time of year for a lot of new homes on the Real Estate market. This spring homes are expected to compete for buyers. Some areas have already started showing pricing corrections and competition between home sellers.
The Canadian Real Estate association also believes and predicts that in 2013 prices are expected to slightly rise in BC.
HOW DOES THIS EFFECT HOME BUYERS?
This is the year to buy a home or investment property. Mortgage rates are at historical lows and expected to stay this way through the year. If you time your purchase perfectly you can get the best mortgage rate at the lowest price this year. Contact The Aziz Group to plan and help you prepare in buying your next home.
Make sure you get the best deal on the purchase of your property this year. Contact The Aziz Group for assistance.