It’s been a great few years for Vancouver real estate market trends; as the Western world recovers from economic lows, the market has been on a rise as the demand for new homes soared, causing the competition to become fiercer. However, market analysts have noticed that real estate in Canada seem to be cooling down, allowing more buyers to get a good deal.
The Big News
CTV News reports:
“After years of a hot streak, the real estate market in Canada appears set to cool to a simmer in 2014 with demand expected to remain relatively strong across most provinces.
Scotiabank chief economist Warren Jestin forecasts housing prices will stay flat or rise slightly, but ‘shrill’ predictions of a drastic bottoming out in prices will likely not ring true in the New Year.”
The news report further states that in general, this market rise flattening effect isn’t exactly true for the entire country, primarily due to the differences in the provincial real estate markets. British Columbia, on the other hand, is on the right track:
“Interprovincial migration has helped keeps demand for housing high in oil-rich Alberta where employment rates are strong, while B.C. is seeing some sort of a flattening after years of exorbitantly high prices, particularly in the Vancouver area. This compares to Victoria where home prices have been declining for the past few years.”
So, what effects does a stabilizing real estate market really have for buyers? For one, it could give the supply of available homes a chance to catch up to the increasing rate of demand from buyers looking to get an excellent quality home at an affordable cost. The Canadian Real Estate Association itself is foreseeing up to 458,200 previously owned homes will be sold this year.
What you should note though, is while experts are saying that there might not be record highs in the real estate market this year, you also shouldn’t expect record lows â€“ but the bright side is that the market is definitely much kinder for buyers this year. If you’re concerned that the rate might increase again after this standstill, then it’s probably time to take the leap and look for your dream home as soon as possible.
If you want to keep yourself updated with the latest on market trends, firms like Vancouver Canada Homes should be able to help you out. Always consult with a reliable REALTOR before you decide on buying real estate in Vancouver, BC.
(Source: Canada’s housing market will likely simmer in 2014, despite continued demand, CTV News Canada, December 20, 2013)