Forecast: B.C.'s housing market won't drop like the U.S.
Wednesday, November 22, 2006
The upside of British Columbia's real-estate-market cycle has been rapid and steep, but the downside will not, the real estate firm Century 21 predicts.
House prices in select B.C. markets have been flat or risen up to 12 per cent in the last year and rose between 89 per cent and 114 per cent over the last five years, Century 21 reported today in its annual survey of house prices.
"In Canada over the past six months, price increases have slowed except for a few hot markets," Don Lawby, president of Century 21 Canada said in a news release.
However, Lawby doesn't expect Canadian markets dropping like some United States markets that have seen dramatic price declines during 2006.
Lawby said British Columbia's markets in particular are supported by construction for the 2010 Olympics, growth in high-tech businesses, exposure to Pacific Rim trade and migration.
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