Housing prices to drop 2 per cent in 2009: Royal LePage

July 8, 2009

Below is a CTV.ca News Staff report on July 7, 2009:

A new forecast from a major Canadian real estate company predicts that the national housing market is stabilizing, after seeing a “remarkable turnaround” in the second quarter of 2009.

Royal LePage predicts that the selling price of the average house will drop by only two per cent this year — an improvement over the real estate company’s prior forecast from six months ago that predicted a three per cent drop.

The real estate company also predicts that the number of unit sales will drop about one per cent in 2009 to an estimated 430,000 sales.

Read the full story here.

Richmond’s housing market

Richmond’s housing market continued to attract strong home buyer interest. The June list/sale report for Richmond showed further tightening in the “months of inventory” from 3.68  to 3.06. A balanced stable market is when the months of inventory is around 6. With limited inventory in the market, home prices are expected to regain some of their lost values (from their peaks in early 2008).

If you are looking to buy or sell your home, you can research and compare Richmond homes for sale on MLS here.

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