The Chief Economist at Central 1 Credit Union predicts that BC housing prices could hit a new high in 2010. This is most likely due to the fact that inventories of unsold homes are quickly being reduced, thereby putting upward pressure on prices. In fact, he says that the rebound from the recession is so strong that we will continue to see Vancouver housing prices hitting new highs well into 2011!
Although this is fantastic news for current home-owners, it does concern me a little for first time buyers. Will they be able to afford to purchase their first property in 2010 or 2011? Time will tell, but I would not wait much longer to enter the market if I had been sitting on the sidelines for the last year just waiting to see what happens to housing prices and the condo market.
Read the entire article in the Vancouver Sun here.
If you have any questions about how to start your home/condo search, or would like me to set up a free, no obligation automatic MLS search for you, contact me via e-mail at the address below. Did I mention this service is free? Don't wait, e-mail me today.
I hope to hear from you soon!
Cortney Lessard
REALTOR®
604-616-2678
Cortney@Cortney.ca
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