Boom or Bust? What is scheduele to happen in the upcoming Real Estate market?
I went and saw a presentation today by the chief economist of the Vancouver Real Estate Board and he was taking about the upcoming RE market- Boom or Bust?
It was predicted that in the next few months low interest rates will remain stable (today 5 year fixed-3.45% and 5 year variable -2.2%)and prices will very slowly rise from the trough we hit in July 2010. (this decline in sales and price was due to Credit tightening in Spring 2010 as well as HST scare) Prices have come up about 2.5% since July 2010. It also said that come late February and into March, due to low prices, generating a busy buyers market, prices will start to increasingly rise up again. Therefore, buyers should be shopping for the best deals in the next few months before February when he feels due to a busy winter buyers market, sellers will be able to increase prices for Spring.
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