Neither!! Great news for Homebuyers and Sellers who have been waiting on the sidelines. According to Cameron Muir , Chief Economist of the BC Real Estate Association, his projections for the next year in the Vancouver Real Estate market are forecasted to be gradual at a slow and steady pace with prices increasing approximately 2%. Reasons for this increase are :
* Interest rates are expected to remain low until Spring of 2011
* The strong net gain in population in Vancouver with many new immigrants coming from China and India
*The realization that HST is not applicable on re-sale homes
*The stabilization of the U.S. economy alongside the expected growth of the Canadian economy
All of these factors make it an ideal time for people whether they are buying, selling or moving up in the market.
NO BOOM, NO BUST AND NO BUBBLE!!!