The British Columbia Real Estate Association released their Spring 2009 Housing Forecast today and the news is good for Vancouver Real Estate!
“The majority of the decline in home prices has already occurred,” said Cameron Muir, BCREA Chief Economist. “Balanced markets are emerging in Victoria, Vancouver and the Fraser Valley. There’s now little downward pressure on home prices in these areas.”
Increased affordability have brought first time buyers back into the market this year, a profile of buyers that were largely absent from the market in the last 6 months of 2008.
The BCREA have actually revised their forecast of 2009 home prices upward. They now predict that the average home price in BC will decline only 8% as opposed to their initial forecast of 13%.
Please click here to read the BCREA press release: _media/Documents/2009-05-26Forecast.pdf
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