Is Vancouver's Housing Market Cooling Down?
The latest report from CMHC (Canada Housing & Mortgage
Corporation) suggests that the HOT Vancouver housing market is in a
typical summer slowdown. While prices in some areas of the lower
mainland have softened, CMHC is clear to point out that it would take
two consecutive quarters of decline before they might declare that the
'bubble' has burst. In fact, there are differing professional opinions
as to whether we are
indeed in a so called 'bubble'.
Inventory levels for re-sale homes in most lower mainland communities remains low. Today, the Royal Bank of Canada announced a series of mortgage rate reductions, once again signalling that (on the finance side) all is OK.
As we head into the fall months, this may well be the best time for buyers to get the deal they need. With interest rates holding steady, selection may be their big challenge. Predictions are that we will have another solid year in 2007 with prices remaining fairly constant.
If you have been holding off getting into this highly active marketplace, now might be a great time to get a comprehensive market evaluation on your home.