Which is more likely to lose the housing market?

Which is more likely to lose the housing market?

November 2, 2021 Comments Off on Which is more likely to lose the housing market? By admin

Vancouver real estate is in a tailspin, with the market’s biggest losers, according to a report by Real Estate Board of Greater Vancouver (REBGV).

It said prices are expected to fall by 7.5 per cent in 2018 and 10 per cent over the next three years, with a further drop of about 8 per cent.

This means that the average selling price is now about $900,000, down from $1.4 million in 2017.

The report comes as the province’s chief planner, Michael de Jong, warned last week that the housing crunch is coming.

“As the housing recovery continues, the market is becoming more challenging for local residents and local investors,” he said.

But experts say this is a false alarm.

In 2017, the average sales price in Vancouver was $1,539,400.

The median price was $619,400, while the median house price was just $1 million.

As a result, the province has set aside about $6 billion in new housing stock to provide support for local communities, with an eye on the next big economic downturn, the report said.

“We don’t see the economy as a cyclical, sustained event, but rather an ongoing downturn,” Mr de Jong said.

The report also warned that the recent surge in foreign investment into the property market could dampen home prices, but there were signs that the economy has picked up.

“The strong fundamentals are continuing to be supportive for the economy, but as demand increases, so will the supply of housing,” Mr De Jong said in the report.

The national median price for a home in Victoria is $1million.

The average price for homes in Metro Vancouver is $2.5 million.

The region’s average house price is about $3.2 million.

In 2017, there were about 11,600 new listings for homes.