Don’t expect big drop in B.C. home prices: Real Estate Association
Posted May 26, 2010 2:59 pm.
This article is more than 5 years old.
VANCOUVER (NEWS1130) – If you are waiting for housing prices to drop substantially in B.C., the Canadian Real Estate Association (CREA) says it’s probably not going to happen. But they expect home prices to stabilize in many other provinces by the second half of this year.
CREA Chief Economist Gregory Klump predicts a small decline in the average price in B.C. in 2011. “After that it will likely stabilize so what’s going to happen is over time incomes will continue to rise as well. So that’s going to return the ratio to its long term average. It’s going to take longer than elsewhere in Canada because you’re farther away from a long term average than other provinces are.”
But Klump says the price-to-income ratio may be affected by investors–again skewing the market upward.
