Housing Prices to Go Down this Year

homes for sale vancouverAccording to recent reports by realtors in Vancouver and other officials, market forces remain steady.  Although prices may dip a little homes for sale Vancouver and condos for sale Vancouver will continue to sell.

Though national sales are forecast to go up to 458,800 units in 2012 from the 457,305 in 2011, the prices are expected to ease up.

Increased demand in Nova Scotia, Alberta and Saskatchewan is apparently going to continue and will help to offset the slower demand in British Columbia, New Brunswick and Ontario.  This should keep the national market somewhat steady.

While the national price is expected to decline by 1.1 percent this year, the following year is expected to boast a slight increase of about 0.9 percent.  This means the national average price this year is expected to be 359,100 with 2013 posting an average Canadian price of 362,300.

The risks around the economic situation of the country continue to worry some politicians and economists.  Record levels of household debt and the continued low interest rates have some concerned that a housing bubble may be forming.

On the global front, the European debt crisis is also of concern.  But most economists say that so long as it is contained and the world can avoid a global recession, than Canadian home sales should remain stable.

Continued low interest rates certainly help with homes for sale Vancouver.  With such a low borrowing costs more and more people will seek to get into the market either buying a condo for sale Vancouver or opting for a stand alone home for sale Vancouver.

More information is expected towards the end of the week as the January building permits come in.  At present there is an expected decline of about 3.2 percent.

More stats will also be available with regards to the February housing starts.  These are expected to go up from 198,000 in January to 200,000.

The new-housing price index is likewise expected to rise slightly by 0.1 percent over the month and by about 2.5 percent over the coming year.

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