B.C.香蕉视频直播檚 hot real estate market is expected to continue to slow over the next two years, according to new figures from the Canadian Mortgage and Housing Corporation.
House prices in the province, especially in Metro Vancouver, are set to level out in line with salaries, jobs and population growth, the Crown corporation said Tuesday.
New construction is also expected to slow down to match lower demand, with condo starts barely hitting 25,000 a year in B.C., down from 31,318 new condo starts last year.
香蕉视频直播淪hifting market conditions across B.C.香蕉视频直播檚 large urban centres is resulting in movement back towards balanced or even buyers香蕉视频直播� market conditions in some cases, which is beginning to flatten price growth or, in some areas, result in price declines,香蕉视频直播� the corporation香蕉视频直播檚 report noted.
Adil Dinani, a Coquitlam-based realtor with Royal LePage, said the slow shift towards a buyers香蕉视频直播� market was a mix of government policy and natural market cycles.
香蕉视频直播淚f you look at the past decade since 2009, when we came out of the heights of the recession, we香蕉视频直播檝e been the beneficiaries of a very strong real estate market,香蕉视频直播� said Dinani.
香蕉视频直播淲e香蕉视频直播檙e at a point where adjustment and moderation like we香蕉视频直播檙e experiencing now is normal and natural.香蕉视频直播�
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Dinani pointed to the provincial NDP, who came to power last summer on promises to cool Metro Vancouver香蕉视频直播檚 housing market.
香蕉视频直播淭hey香蕉视频直播檝e bumped up the tax to foreign buyers, they香蕉视频直播檝e introduced the speculation tax,香蕉视频直播� said Dinani.
Mayoral elections across the province, particularly with mostly newcomers taking the reigns in Metro Vancouver, could also see a shift in municipal housing policy.
Dinani cited Kennedy Stewart香蕉视频直播檚 promises to put forward stricter measures to get a grip on that city香蕉视频直播檚 housing woes.
But despite the slowdown, Dinani doesn香蕉视频直播檛 think recent buyers should be worried.
香蕉视频直播淚f we look at history香蕉视频直播� every [recent] dip was very short lived, usually six to nine months,香蕉视频直播� he said.
香蕉视频直播淚 believe if you buy real estate today and have a longterm time horizon, it will be a fruitful investment.香蕉视频直播�
Dinani acknowledged the could affect that, but said that the shift to a buyers香蕉视频直播� market was probably healthy overall.
香蕉视频直播淚f you were looking to buy a condo in the first quarter of 2018, you were competing sometimes against 10-12 offers,香蕉视频直播� he said.
香蕉视频直播淣ow, you can probably approach that same property being the only offer on the table and香蕉视频直播� probably negotiating off the price a little bit instead of feeling like your back is off the wall.香蕉视频直播�
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