Helmut and the winds of change
Just a couple of BC housing market forecasts courtesy of Helmut Pastrick, the Chief Economist of the Credit Union Central of British Columbia. This first one from a CBC news story, March 17th 2008:
A report by the Credit Union Central of British Columbia predicts housing prices will continue to rise by as much as 10 per cent this year and as much as seven per cent in 2009.
Lower mortgage rates, a tight labour market, high income growth and rising in-migration all point to continued high sales volumes and price rises, according the CUCBC’s chief economist Helmut Pastrick.
..and From today’s Globe and Mail, August 20th 2008:
The housing market will grow even weaker next year, Mr. Pastrick predicts.
The downturn in new construction will last through to the Olympics, and housing prices, down marginally from their peaks early this year, are likely to drop by 10 per cent before the market rebounds, he said. All told, British Columbia looks set to turn in weaker growth than the national average in 2009 after years of outperforming most of the rest of Canada.
A few weeks ago we posted a similar comparison of changing market outlook quotes from Cameron Muir, Chief Economist for the BC Real Estate Association.
September 3rd, 2008 at 4:46 pm
north american realestate is likely headed for a crash like in the 80's because people who need starter homes and come from middle and lower class familys just cant afford them anymore and this creates a surplus of renters. This is why its a major fucking buyers market. Oh and also who cares about the olympics i think people base economcs on this wayyy too much