Will Vancouver housing prices drop in 2019? Not so, according to two new surveys.
While housing sales plunged almost 42.5% in November compared to just a month earlier, speculators say housing prices won’t face a significant drop in 2019.
Two surveys, the Royal Lepage Market Survey Forecast and the RE/MAX 2019 Housing Market Outlook, show optimistic outcomes for New Year. But while the survey from Royal LePage predicts prices will rise by 0.6%, RE/MAX predicts a fall of 3%.
Last month, Vancouver housing sales recorded their lowest levels in a decade, causing housing availability to increase by 40.7%, at least part of the reason attributed to this is the increasing difficulty in securing an affordable mortgage.
Earlier this year, Canadian governments hiked up the interest rates and put other protective measures in place to cool Vancouver’s runaway housing market. And while the market has undoubtedly cooled, there’s only been a marginal price drop among the luxury homes in certain high-end neighbourhoods.
If prices rise by 0.6%, it will bring the median cost of a home in Vancouver to $1.6 million. While both surveys agree that rates will remain relatively flat, the Lepage Market Survey Forecasts reasons that factors like the region’s healthy economy, great lifestyle, and beautiful natural surroundings will continue to buoy the Vancouver housing market in the long term.
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