What the Analysts say about Vancouver Real Estate for 2009
January 5th, 2009 Categories: Vancouver Housing Market, Vancouver Real Estate
Scotiabank’s senior economist Adrienne Warren says Canadian real estate prices will drop 10-15% nationally, with B.C., Alberta and Saskatchewan taking the brunt of the downturn., much of the runup in prices seen this decade will remain in tact.
Canadian Association of Accredited Mortgage Professionals (CAAMP) report agrees with Warren that BC will suffer disproportionately in the downturn, however, because investors were more than elsewhere in Canada.
Cameron Muir of BCREA believes BC could see an upswing in housing markets as early as spring 2009.
CMHC see a further drop of up to 9% in 2009
Ozzie Jurock sees increased activity in Spring and sales lower in 2009 and calls for us to start thinking positively.
Re/Max said Metro Vancouver will have experienced a 33-per-cent drop in sales by the end of 2008, and 2009 sales should end at the same level. Vancouver’s average price at the end of 2009 should be seven per cent below 2008’s average price
Author Nicolas Marr has a passion for international real estate and is director of international canadian property website. He chooses Vancouver as a city for sound investment and relocation and thinks it has a fabulous future.
The Economist again votes Vancouver #1 for the world’s most liveable city. An amazing endorsement indeed!
Other points of interest:
They all agree that consumer confidence is one of the property market’s biggest challenges.
when you’re ready to buy or sell Vancouver real estate, contact Maggie, an experienced realtor marketing homes since 1981.
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Looks like it’s going to be another challenging year out west, but I’m sure most are up for the challenge.
Ryan Philipenko - Edmonton Real Estate
Comment by Ryan Philipenko — January 5, 2009 #
The problem with blaming “consumer confidence” is that optimism isn’t a currency. If consumer confidence was at 100%, we’d still be increasing debts and bubbling our way to new highs. Mish calls it “borrowing from the future”, and it’s an apt description.
The real problem is that house prices are too high and that too many “experts” encouraged too much debt to buy them.
Optimism doesn’t pay debts.
Comment by womp — January 7, 2009 #
I think 2009 is going to be worse than 2008. Being the biggest trading partner of US, US recession is going to hit us hard
Comment by homerevaluation — January 11, 2009 #