Wednesday February 17th, 2010 - Could Vancouver's Housing Market Slow Down A Bit This Year?

Data released in February 2010 suggests that Metro Vancouver's real estate market is due for a slow down relative to 2009.

Even with the huge increase in sales seen during September, local economist,  Robin Wiebe, reminds market participants that the levels of inventory have also increased, balancing out any real improvement in sales figures.

Buyers have extreme options when going out and looking for a new home.  The range of choices is profound, and there will not be enough buying pressure to create more significant rises in prices.  He also adds that it would not take much weakness to cause prices to fall.

Regardless of his input, the Conference Board of Canada predicts to see between a five and seven percent rise in property prices.  The Conference Board of Canada predicts prices in areas such as Edmonton and Montreal will rise more than three percent.  The board doesn't think that any Canadian city will see decreasing property prices in 2010.

Officials and analysts say that they see accelerating prices, as the average price in December 2009 was up 11.9% from the previous year.  The board also stated that if the acceleration in sales continues, Vancouver could see over 50,000 homes sold in 2010.