Normally spring is a busy time in the real estate market.
Sales rise, prices rise.
What isn’t normal is when usually optimistic Real Estate organizations and banks start predicting falling prices.
Down is the new normal.
Central 1 Credit union economist Bryan Yu says last year hit a 12 year low in sales and the coming year is predicted to be bad with continuing drops in both sales and prices:
He expects resales will fall another four per cent this year to 31,500 while the median price, the midpoint between highest and lowest, will slide six per cent to $474,000.
Yu says “subdued immigration, stagnant employment growth and the most recent round of mortgage insurance rule tightening will weigh on purchasing… biting particularly hard in high-priced Greater Vancouver.”
Full article at News 1130.