According to RBC, Vancouver just saw the biggest back to back deterioration in housing affordability in 26 years of record keeping. So for those thinking they might want to be able to afford property, they might like to hear that the Vancouver market is apparently ‘softening’ according to TD:
A new study suggests the two hottest real estate markets in Canada appear to be headed in different directions, as Vancouver softens and Toronto looks to maintain its momentum.
In a report published Tuesday, TD Bank said Vancouver has started what is expected to be a modest correction, which will be reinforced by the recent implementation of the land transfer tax on non-residents.
“Home prices are projected to decline by about 10 per cent in the region by mid-2017, before stabilizing later in the year,” TD said.
Of course even with that predicted price decline, it’s not exactly going to bring Vancouver house prices into the really ‘affordable’ range. Read the full article here.