Greater Vancouver home buyers hoping to score a nice discount may be in a big disappointment.
Prices are expected to increase in the fall in the face of tight supply.
A third quarter market analysis by the real-estate board noted that “home price growth essentially flattened across Metro Vancouver in the summer”.
“Expect, however, to see upward pressure on prices in the fall as above-average sales volumes meet low inventory levels,” stated the report by the Real Estate Board of Greater Vancouver.
The chief economist of the trade association of B.C. and Ontario credit unions expects interest rates to remain low for some more time.
Bryan Yu with Central 1 Credit Union anticipates that the Bank of Canada will raise its interest-setting rate only toward the end of 2022.
Yu doesn’t see the bank “pulling the trigger too quickly”.
“Our view is that the bank is going to be more patient,” Yu told the Straight in a phone interview.
A recent survey has found that Greater Vancouver has the most multiple property owners in Canada.
Carried out by Royal LePage, the online survey asked 1,500 Canadians in Greater Vancouver (500), the Greater Toronto Area (500) and the Greater Montreal Area (500) over one week in June. It was found that 12% of property owners in the GMA owned more than one property, 13% in the GTA and 14% in Greater Vancouver. Over 40% of those secondary property owners in the GTA and Greater Vancouver used equity from their primary residence to make the purchase.
Bus routes to White Pine Beach at Sasamat Lake, as well as the Buntzen Lake Recreational Area and Belcarra will see more weekday and weekend service in the coming weeks in anticipation of greater customer demand