January 26, 2011

Predictions for a Stronger Canadian Housing Market in 2011

The team at Wallmark Homes is always on the lookout for the latest information and news to share about the housing industry for both builders and buyers in Vancouver. We recently came across a couple of interesting articles we felt were worth sharing with you that discuss predictions for Vancouver's housing market for the upcoming year.

Amidst what appears to be a strengthening economy, comes a welcome 2011 forecast for Canadian Housing in from the folks at Royal LePage Real Estate Services. In an article released on January 6th,  they quote Phil Soper, president and chief executive of Royal LePage Real Estate Services, as saying "Trends in the housing market continue to be driven by the lingering after-effects of the recession. Canadians realize that interest rates are unsustainably low and that homes will become effectively more expensive when mortgage rates return to normal levels. We will likely see more price appreciation in 2011 as some buyers complete transactions in advance of anticipated higher borrowing costs." According to the release, Vancouver home prices are expected to increase 3.7% this year with inventory growth at 8%.

Additionally, the January issue of New Home Guide boasts a headline of Vancouver House Prices Continue to Rise. Citing the same release from Royal LePage, they mention that the biggest gain in house prices came from single-family homes on Vancouver's West Side with average price gains on two story homes at 9.8% over the same period last year. Condos are also performing astonishingly well on Vancouver's East Side with an average gain of 7% resulting in an average sales price of $484,500.

If you are considering building or buying, now is the time! We have our first Home Building Seminar of the new year this weekend, if you want to join us it's free.  Just register here for your seat!