This is Is an interesting article. Every economist has an opinion on the Vancouver Real Estate Market. Only one major factor being missed by all economist, who have put in their two cents, is the different type of product in all the very different neighbourhoods in the Lower Mainland. The decreases predicted by these economist are same for metro Vancouver as Abbotsford or Coquitlam. Every part of the lower mainland is unique and has its very own stats. I suggest as a buyer or seller you hire a local Real Estate Professional who can determine your market and where its going.
Enjoy the Article...
In Vancouver, when you meet someone and you're stuck for a topic of conversation, just start talking about real estate.
Almost everyone is intensely interested in it, and everyone seems to have something to say, and we'll pay attention to anything anyone says about it, even the banks. Especially the banks.
Real estate is big business for bankers, so they put considerable effort into figuring out where the trends are taking the market, and lately, the watchword has been 'moderation.'
RBC has the latest word out on what moderation will mean for British Columbia, which really says a lot about Metro Vancouver, since the hot, hot activity in some Vancouver municipalities (Richmond, West Vancouver and Vancouver's west side) that have driven the impression the entire province is on fire. And the word is that B.C. can expect property prices to edge 1.6-per-cent downward in 2012, but RBC economist Robert Hogue told me Metro Vancouver can expect more of drop, given that it was such a big part of the rise.
Previously, TD Economics made its own forecast, which covered a longer period and made more specific reference to Metro Vancouver: Expect prices to decline a cumulative 15 per cent by the end of 2013.
We've reported on another forecast recently, not by a bank, but a research firm called Capital Economics, which publishes research reports for a list of subscribers. Its estimate was that Canada as a whole is in a real estate bubble that will deflate by 25 per cent in three years.
What forecasters forecast, however, and what actually comes to pass are often different things.
By Derrick Penner Biz