Vancouver housing market

Taking a pause?

Is Vancouver's detached house price in October taking a pause before heading up higher as in December 2006 and January 2007? Or, is this the top of the Vancouver housing market? The Calgary and Edmonton housing markets had already stalled for the past 3 months with declining sales volumes. The Canadian 6 cities pricing trends as presented by Brian Ripley can be viewed here.

Brian's scorecard statistics for Calgary and Edmonton are showing deterioration in the housing market in these 2 cities. Could October be the month that Vancouver too follows Calgary and Edmonton reversing its pricing trend?

Other than the highly unaffordability problem faced by Vancouver homebuyers, high level of housing constructions and housing inventory coming on-stream near term will put pressure on the market. Market sentiment and buyer confidence will dictate what will happen to the Vancouver real estate market the next few months.

There are signs that Western Canadian cities have already reached or past the housing market top. The next few months will confirm whether Vancouver's housing market still has the strength to move higher. Or, it will stay flat before heading for a decline.

If you like to find out more information on the recent Richmond housing market, you can contact James Wong 604-721-4817.