Vancouver Real Estate: Royal LePage Predicts Prices to Rise Again in 2008
I am bit late reporting on this one. Just like I am kind of late getting some of my Christmas shopping done. As you may have seen in the paper Royal LePage released their predictions for the Canadian real estate market in 2008. They, or is that we, are not overly bullish on the market nationally, but n Vancouver I expect a bit more than the 3.5 percent average price increase that they predict for national home prices (and 4% that they predict for Vancouver home prices). Real estate is, and will always be local. Just like there are markets in the U.S. that have a great market at the moment, real estate in Newfoundland has little effect on the real estate in Vancouver.
From the the boss, err President, of Royal LePage:
“Canada’s housing market in 2008 should continue to thrive on a balanced diet of strong economic fundamentals, including high levels of employment, resilient consumer confidence, modest levels of inflation and the relatively low cost of borrowing money,” said Phil Soper, president and chief executive of Royal LePage Real Estate Services. “Canada is currently enjoying one of the longest housing market expansions in history; however, as we move into 2008 it is anticipated that slowly eroding affordability will cause demand to ease, allowing the market to move toward balanced conditions, with lower levels of price appreciation, and fewer homes trading hands.”
As for real estate in Vancouver in 2008 the press release has this to say:
"With the country’s highest home prices, Vancouver’s steadfast market will continue to expand on the back of a strong provincial economy. As the city readies itself for the 2010 Olympic Games, there will be an abundance of new jobs created."
2008 Market Survey Forecast
Market | 08/07% | 2008 Forecast | 2007 Projected | 2007 / 2006 | 2006 | 2005 |
Halifax | 6.9% | $233,000 | $218,000 | 7.3% | $203,178 | $189,196 |
Montreal | 3.5% | $238,000 | $230,000 | 6.6% | $215,659 | $203,720 |
Ottawa | 4.2% | $285,000 | $273,500 | 6.2% | $257,481 | $248,358 |
Toronto | 3.5% | $388,500 | $375,500 | 6.6% | $352,388 | $336,176 |
Winnipeg | 11.4% | $190,000 | $170,500 | 12.2% | $151,983 | $134,028 |
Regina | 15.4% | $188,600 | $163,500 | 24.0% | $131,851 | $123,600 |
Calgary | 4.0% | $429,000 | $412,500 | 19.0% | $346,675 | $250,832 |
Edmonton | 1.0% | $341,000 | $337,500 | 34.5% | $250,915 | $193,934 |
Vancouver | 4.0% | $587,500 | $565,000 | 10.8% | $509,876 | $425,745 |
CANADA | 3.5% | $317,228 | $306,500 | 10.7% | $276,974 | $249,201 |
See the press release for all their predictions as well as their Highlight of 2008 Trends.
Matthew Collinge: www.604homes.com - Royal LePage Westside
