In 2013, the Vancouver real estate market seemed to be haunted by the ghost of the economic recession. However, Derrick Penner of Vancouver Sun reports that things look bright for this year’s Vancouver housing market, especially in Metro Vancouver.
After a really poor start to (2013), as we go into this year I expect to see a little more stability, said Bryan Yu, an economist for Central 1 Credit Union. You’re not going to see the volatility we saw last year, though there will be a slight drop off in momentum into the first quarter (of 2014).
Central 1’s forecast is for Metro Vancouver’s property sales to increase by six per cent in 2014, mortgage rates to increase but remain relatively low and employment growth to continue in pace with a stronger economy that will be influenced by improving conditions in the United States.
There’s no real catalyst in terms of (spurring) a big pickup in activity, Yu said, I expect to see a relatively stable real estate market but again, a balanced market.
For locals who’ve long dreamt of homeownership, perhaps this year is an ideal time to finally get their dream home. A stable housing market can mean manageable mortgage interest rates for anyone looking to purchase homes for sale in Vancouver, regardless of the type of mortgage they plan to obtain. With a sturdy real estate market, homebuyers can either go for a fixed rate mortgage and lock in a good rate now, or opt for an adjustable rate mortgage where they can expect minimal rate adjustments in the next few years or so, provided no significant volatility occurs.
Aside from the type of mortgage, prospective buyers of houses or homes for sale in Vancouver, BC should also look into down payment requirements. According to a HuffingtonPost.ca article, the standard 10 percent down payment can lower when home prices decrease and the number of buyers decline. As such, these future homeowners will greatly benefit from the assistance of real estate professionals that are knowledgeable with the current state of the real estate market.
Homeownership is something many locals aspire. However, before individuals sign on to a purchasing agreement for a home, they first must consider if it’s a good time to buy or not. Hiring experienced real estate companies like Vancouver Canada Homes can help the decision-making process smooth for them, while at the same time, provide them access to property listings at a good price.
(Article Information and Image from Metro Vancouver housing market expected to remain stable in 2014, Vancouversun.com, Published 3 January 2014)