We are well into 2019 and the experts and economists have put together a number of indicators for predicting approximate housing prices throughout the rest of the year for the Vancouver housing market.
The year 2018 we saw a drop in housing prices in Vancouver which was a welcome surprise with housing prices being so high for the last couple of years in this general area. It is important to understand that the housing market here is a very beneficial one not just for home owners and construction companies but also for the economy of the city as well. Therefor it is not just the buyers and sellers that are interested in the housing prices but also the analysts and the economists as well as the lenders.
In February and March we saw first time home buyers getting 20% less to borrow to purchase their first home. This affected entry level units and end user units in the condo market showing how some of even the lower end units are more expensive when you take into account the average income of persons living in the surrounding areas.
Buyers wanting to move up in property benefited from the stress test as they now had to re-qualify for a new loan. When they met the stress test standards they found that got some deals and may even get better terms than the current mortgage they are currently in.
On a whole though, we do see that there are a lot of declines taking place for Vancouver’s housing market. There is projected to be a 26% decrease in prices by summer for homes on the west side of Vancouver. In the same area, detached homes are predicted to show a drop in prices as well. This is a good thing as with a rise in price there is typically a drop in urgency to buy. This is good news to us here at SilverBeam homes as we are excited about the new opportunities you have to get more with your money as the market changes in your favor. We have the skillset, all the tools