Real Estate News - North Vancouver, North Burnaby, TriCities BC

Real estate news and updates from REALTOR® Nina Campbell. Nina gives the insider tips and resources for buying and selling real estate in North Vancouver, North Burnaby, and TriCities - Port Coquitlam, Port Moody, and Coquitlam.

 
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Forecast for the real estate market/p>


In the last few years, we’ve all read countless news reports that the real estate market is about to crash.

 

As far back as 2004, the Real Estate Board of Greater Vancouver published factual articles to get to the truth of the matter and to counter continued stories of doom and gloom.

 

So, once again, we’re trying to determine whether or not we’re in a bubble and if we are, if it’s about to burst.

 

For some answers, we went to Helmut Pastrick, chief economist for the credit union systems in two provinces – BC and Ontario.

 

Here’s what he told us.

 

A bubble requires two conditions:

  1. A large amount of speculation.

  2. Easy credit.

“Neither of these conditions exist,” explains Pastrick. While some speculation exists in some markets, overall it accounts for only a small portion of activity according to expert sources such as Landcor Data Corporation.

 

When it comes to easy credit – there isn’t any given that lenders have stringent requirements in Canada unlike what we saw in the US leading up to their market crash.

 

Pastrick goes on to say that high prices are not necessarily a sign of a bubble. “High prices instead signify there is more demand than supply right now.”

 

What does Pastrick forecast for the next few years?

  1. The market will continue to be active although there will be ups and downs.

  2. The longer term trend in prices remains upwards.

  3. Metro Vancouver will continue to be a prime location for Canadians and overseas investors due to our mild climate, clean environment and great quality of life.

Do you have a real estate question, contact me.

 

Nina Campbell’s Blog - Terms of use

Welcome to my blog. Thank you for visiting and I hope you return often. My blog focuses on topics related to real estate and I provide the blog in good faith based on my experience as a licensed REALTOR® for almost two decades and as a trainer for PRA™ Training, Inc. By visiting my blog, you agree that your use of it is entirely at your own risk. No warranty of any type is given by me as to the accuracy, completeness, reliability or timeliness of the content. Nothing contained in this blog con be construed as financial, investment, legal and/or other professional advice. Please contact me if you would like to reprint content. By accessing, using or browsing this blog, you agree to these terms and conditions of use in full.

 

 

 

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