Somebody over at TD bank looked in their crystal ball and saw interest rates rising.
They say that a combination of factors including increasing supply, softening demand and the expectation of rising interest rates mean that home price across the nation are overvalued by about 10%.
It says markets such as Toronto, Vancouver, Montreal and Ottawa are likely more overvalued than markets in the Prairie and Atlantic regions, and will likely see more of an impact.
The national housing market and worries about a real estate bubble have been key concerns for policy-makers for several years.
Recent indicators have suggested the market may be headed for a soft landing instead of a bubble bursting, but concerns have persisted.
Full article here.
Well here we are wrapping up 2013.
The Vancouver market continues to fluctuate in its flat range.
Owners are still paying more than renters, but can paint their walls whatever colour they want.
Renters are still more flexible when it comes to relocation and some of them have more diversified investments, but some of them just want to paint their walls whatever colour they want.
The Vancouver housing bubble is boring.
Not like some of the more exciting housing bubbles around the world. Remember the Celtic Tiger? Ireland had a giant boom, but now they’re tearing down brand new homes.
So what will 2014 hold in store for the Vancouver Real Estate Market? A slump, a dump, a bump or a jump?
What do you think, are we in for an exciting year or another yawner?
Whatever your religion happens to be.
Be you a bear, bull or agnostic.
Whether you’re an internet millionaire or a carrying a debt load of 165%.
You might be a real estate salesperson, a bearish economist or a somebody just trying to get by.
The most important things in life don’t tend to end up on a financial statement or notice of assessment.
Whatever your situation is, thanks for visiting VCI and taking part in the conversation.
You deserve a holiday, and we hope you have a good one!
A Bank of Montreal report is predicting that Vancouver house prices will continue to fall for the next couple of years:
BMO Senior Economist Sal Guatieri says the price of homes in Vancouver and uncertainty over long-term mortgage rates are creating a buyer’s market.
He also says rich foreign investors who have driven up real-estate prices in Vancouver are now looking at cities that are less expensive.
“The sizzle is coming off the Vancouver housing market,” Guateri says.
Read the full article over at News 1130.