The Conference Board of Canada is predicting perfect stability in the local real estate market for the year ahead. They see the Metro Vancouver real estate market as currently hot, but not overheating and predict that it ‘likely won’t overheat as 2010 progresses’.
While Metro Vancouver home sales in December tracked a pace that was nearly three times higher than sales last January, board senior economist Robin Wiebe said new listings also rose keeping the overall market in balance.
“Though [the market] is closing on the top of the balanced range, buyers are provided with a reasonable choice as the go out searching for homes,” Wiebe said in an interview.
However, Wiebe added that “it wouldn’t take much to tip [the market] over into seller’s territory.”
That is one factor that has the Conference Board putting Metro Vancouver on the list of cities it expects will see property prices rise between five and just under seven per cent along with Victoria, the Fraser Valley, Calgary, Regina, Ottawa and Halifax.
Edmonton, Saskatoon and Montreal are among the cities that the Conference Board expects will see price increases over seven per cent, with Winnipeg Toronto and Hamilton among cities that should see price increases between three and five per cent.
The Conference Board is estimating that no Canadian cities will see price decreases in 2010.
The full article can be read in the Vancouver Sun.