Quote:
Originally Posted by SupraMan604
I predict prices will go up this year. With the new property assessment out and being "stable" as the assessment board puts it people will come back into the market. The pent up demand from the slowdown in late 2012 and early 2013 is already making a comeback in the last quarter of 2013 going to spring of 2014. With the government announcement that they will not change the prime lending rate for at least another year rates will remain low and FI's have already started dropping their mortgage rates in competition for the mortgage business for the busiest time of the year coming up. I have been watching the housing market closely in Vancouver and Burnaby and prices have slowly been creeping up. House horniness is back 
Disclaimer: I am not a realtor or work for the RE board  |
Normally i would agree with you that low rate is very good for RE but rates are low because of a slow economy. US will most likely raise rates before Canada which is something unimaginable just a year ago. BC's own employment growth has been pretty lousy as of late because of some fundamental problems. It might be good that we can ship our Nat gas to Asia but the full benefits of exporting this energy won't be felt for years. So I really don't see any catalyst that could convince me price would rise this year or next. In fact, I see a lot more downside risk for RE.