B.C.B次元官网网址檚 hot real estate market is expected to continue to slow over the next two years, according to new figures from the Canadian Mortgage and Housing Corporation.
House prices in the province, especially in Metro Vancouver, are set to level out in line with salaries, jobs and population growth, the Crown corporation said Tuesday.
New construction is also expected to slow down to match lower demand, with condo starts barely hitting 25,000 a year in B.C., down from 31,318 new condo starts last year.
B次元官网网址淪hifting market conditions across B.C.B次元官网网址檚 large urban centres is resulting in movement back towards balanced or even buyersB次元官网网址� market conditions in some cases, which is beginning to flatten price growth or, in some areas, result in price declines,B次元官网网址� the corporationB次元官网网址檚 report noted.
Adil Dinani, a Coquitlam-based realtor with Royal LePage, said the slow shift towards a buyersB次元官网网址� market was a mix of government policy and natural market cycles.
B次元官网网址淚f you look at the past decade since 2009, when we came out of the heights of the recession, weB次元官网网址檝e been the beneficiaries of a very strong real estate market,B次元官网网址� said Dinani.
B次元官网网址淲eB次元官网网址檙e at a point where adjustment and moderation like weB次元官网网址檙e experiencing now is normal and natural.B次元官网网址�
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Dinani pointed to the provincial NDP, who came to power last summer on promises to cool Metro VancouverB次元官网网址檚 housing market.
B次元官网网址淭heyB次元官网网址檝e bumped up the tax to foreign buyers, theyB次元官网网址檝e introduced the speculation tax,B次元官网网址� said Dinani.
Mayoral elections across the province, particularly with mostly newcomers taking the reigns in Metro Vancouver, could also see a shift in municipal housing policy.
Dinani cited Kennedy StewartB次元官网网址檚 promises to put forward stricter measures to get a grip on that cityB次元官网网址檚 housing woes.
But despite the slowdown, Dinani doesnB次元官网网址檛 think recent buyers should be worried.
B次元官网网址淚f we look at historyB次元官网网址� every [recent] dip was very short lived, usually six to nine months,B次元官网网址� he said.
B次元官网网址淚 believe if you buy real estate today and have a longterm time horizon, it will be a fruitful investment.B次元官网网址�
Dinani acknowledged the could affect that, but said that the shift to a buyersB次元官网网址� market was probably healthy overall.
B次元官网网址淚f you were looking to buy a condo in the first quarter of 2018, you were competing sometimes against 10-12 offers,B次元官网网址� he said.
B次元官网网址淣ow, you can probably approach that same property being the only offer on the table andB次元官网网址� probably negotiating off the price a little bit instead of feeling like your back is off the wall.B次元官网网址�
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