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Vancouver housing market highly vulnerable despite easing prices

By Tanya Commisso for BIV

The Metro Vancouver housing market is still exhibiting signs of overvaluation as home prices continue to outpace local income growth, according to a new Canada Mortgage and Housing Corporation (CMHC) report released October 25. Although home price growth is moderating in Vancouver, evidence of overvaluation and overheating remains high as prices have accelerated past what is affordable to most household incomes over the past few years.

“House prices are higher than the price levels supported by the fundamentals,” the report said. “However, with price growth moderating and the young adult population growing, the conditions of overvaluation are easing in all four centres (Vancouver, Victoria, Toronto and Hamilton).”

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Despite maintaining a high degree of overall vulnerability, the national housing market is showing signs of easing overvaluation.In the second quarter of 2018, the inflation-adjusted MLS average price dropped by 8.7 per cent from the same period in 2017. A decline in sales of single-family homes has also contributed to a decrease in average sale prices. Despite this, the CMHC has maintained a moderate overvaluation rating, as a longer period of improved home prices is required to deem national overvaluation low.

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