Greater Vancouver Housing Market Recovering Soon?

January 26, 2009

 The Sunday January 25, 2009 Vancouver Sun reported:

Current property decline won’t last long: Rennie

The city’s most famous realtor is predicting that the current property slowdown in home sales won’t last long, and that now is the time to buy undervalued property.

Bob Rennie told The Province Friday that low mortgage rates, which have dipped below five per cent, make it a great time to buy.

“I think there’s some really good buys out there,” he said. “You’ve got to look at interest rates, and take advantage of them.” The financial and corporate blowouts will be done by next September, he predicted, arguing that developers have reacted quickly to the downturn and are now eager for an upturn.

Read the article here.

Canadian economists are not so sure that the Canadian market will turn around any time soon. Judging from the market supply and demand situation, home buyers are holding off for home prices to come down further.

No doubt interest rates are at an all time low – 3-year fixed rate at 3.75% and 5-yr fixed rate at 4.39% are not likely to get much lower. While rates are improtant, home buyers are influenced by media reports and news about the financial difficulties and increasing unemployment at home and abroad.

While the real estate market may remain soft for sometime, there are buying opportunities for those who do their research and able to find the great deals. There are homes that are priced to sell, and some home buyers can be expected to bargain hard and may get some really good deals in today’s market.

You can search online and do your research on homes you can afford and like to buy. If you like to have more detailed information on the neighborhoods, schools / public transits nearby and future appreciation potential, you can get the help from your local realtor.

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