VANCOUVER (NEWS 1130) – Rising prices and dropping sales have prompted more speculation about what’s in store for Greater Vancouver real estate.
The BC Real Estate Association is predicting prices will climb nearly two per cent this year, but UBC Sauder School of Business professor Tom Davidoff says that might change next year.
“Single family is quite weak, particularly at the higher end. We’ve seen actual reduction in what homes are worth,” Davidoff says.
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“We haven’t seen that kind of weakness in condo yet. There’s a possibility of a significant correction there, as well. A weakening of ‘incredibly strong’ is not yet to weak, so you’re starting from a very, very strong point. I don’t think the sales-to-listing ratios for apartments have even hit buyers’ market yet.”
He says while condo sales are still stronger than single family homes, a “significant correction” is possible.