Vancouver, just like most other places, has seen a surge in real estate prices as well as the sales volume in the year 2009. This causes many buyers to wonder whether this trend will continue through the year 2010 as well. This article addresses the prevailing trends in Vancouver real estate as well as the predicted trend for the whole of 2010.
In the year 2009, the average price per square foot of real estate in Vancouver was $165, and this was a 10.7% increased over 2008. The average home sales price increased by 0.6% in 2009, while the actual number of home sales reduced by a whopping 96.5%. With regard to the homes on sale, Vancouver real estate noted a decrease of 5.3% on the listing price for these in 2010, compared to 2009.
The trends vary from year to year. As there are many factors that contribute to price changes as well as sales volumes, it is not an easy task to predict what this year will bring. However, there are seven factors that affect these trends, and these can be analyzed to predict what the year 2010 holds for Vancouver real estate. These factors are listed below:
- Consumer confidence and emotions.
- Vancouver population growth and projections.
- Supply and demand in 2010 Vancouver resale real estate market.
- Vancouver economic fundamentals in 2010 and beyond.
- Supply and demand in 2010 Vancouver presale real estate market.
- Mortgage rates.
- BC Harmonized Sales Tax.
With reference to the above factors, to put the predicted trends for real estate in Vancouver in a nutshell, the forecast for 2010 seems bright. Interest rates seem to be on the decline and therefore the property prices are predicted to go up. Presale home prices are expected to stabilize and even go down since there is a HST of 12% added to the purchase price. This is expected to make reselling of real estate more attractive. It is expected that the housing inventory in Vancouver will remain steady since there will be many projects that will start up, but will take at least a year or so to be completed. While the prices are likely to increase initially, they will stabilize through the latter half of 2010. However, there is a lot of pent up demand for resale of homes. Therefore, the prices of these are expected to continue to be on an upward trend throughout the year and the interest rates are expected to go up.
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Source by Nermin