According to a report issued today by Genworth Financial strong demand will drive steady price increases in the Vancouver condo market until 2010.
“In 2006, Vancouver’s condo market remained as strong as ever and the good news is that growth is forecast to continue without a price correction, so it is still a smart time for buyers to realize the dream of homeownership,” said Peter Vukanovich, president Genworth Financial Canada. The Metropolitan Condominium Outlook reviewed resale condo markets in Montreal, Ottawa, Toronto, Calgary, Edmonton and Vancouver based on data from the Conference Board of Canada. New condo prices were not included.
According to the news release “Genworth Financial Canada, The Homeownership Company, works with lenders, mortgage brokers, real estate agents and builders to make homeownership more affordable and accessible throughout Canada.”
So they’re an impartial source for sure.
But heres a question I have: If the market will continue to rise gently until 2010 getting further and further away from rent values, what happens after 2010 and when is the best time to sell to realize gains on a Vancouver property?