Metro Vancouver Housing Market: What to Expect in 2012
December 16, 2011
It's been a tumultuous three years for the Lower Mainland residential market and as the holiday season approaches, many home owners, buyers and investors are wondering what the housing market has in store for them next year.
Will 2012 be a good year to buy a home? Should home owners wait another year to sell? Will financing conditions continue favour residential and investment property buyers in next year?
This month, the British Columbia Real Estate Association (BCREA) released its 2012 Housing Forecast. The report analyzes trends from the past year and provides projections for 2012 based on current economic indicators like mortgage rates, immigration, and domestic and foreign investment.
"Market conditions in most BC regions are expected to remain in buyers' to balanced market conditions," explains BCREA Chief Economist Cameron Muir. "The typical BC home will see little change in value through 2012."
This forecast suggests that home buyers and sellers will have a moment to catch their breath in 2012. After years of economic uncertainty, mortgage rates are expected to remain low next year. This will help keep the balance between affordability and consumer purchasing in check.
Throughout the province, stability is the name of the game. However, with the elimination of the HST coming in 2013, home buyers interested in a new home will want to speak with an Eco Realty REALTOR® to learn how this may affect their purchase.
Source: BCREA