Home re-sale numbers drop but prices expected to hold steady
Posted July 15, 2010 10:37 am.
This article is more than 5 years old.
VANCOUVER (NEWS1130) – The real estate market is cooling off, but don’t expect prices to drop significantly in Metro Vancouver. Home re-sales through the first six months of the year are down 23 per cent compared to the same period in 2009.
Since January, Cameron Muir with the B.C. Real Estate Association says there’s been a fundamental shift in the local real estate market. “So that means that in areas like Vancouver and Victoria, at the beginning of the year, home buyers were competing with one another in order to find available homes for sale. That situation has reversed a little where home sellers now are competing for the available buyers in the marketplace.”
He says there is little, if any, upward pressure on prices right now but expects home values to remain stable over the next 12 to 18 months.
