IanWatt.ca is a real estate site in Yaletown.
Title
Ian Watt - Century 21 Yaletown Vancouver
Description
The booming real estate market in Greater Vancouver was the topic of the most recent Vancouver Board of Trade Policy Forum entitled Now You See It, Now You Don't: Real Estate in Greater Vancouver.
Helmut Pastrick, chief economist, Credit Union Central of British Columbia and the first of four panellists, gave an overview of the economic conditions that have led to the current real estate market environment. "I think the outlook for the economy is robust -- I believe mortgage rates will remain at favourable levels," said Pastrick. "I think the housing market will continue to post gains this year and next, and I don't believe we're going to see any major correction in the market at this point."
Pastrick was quick to point out that Vancouver is not in the real estate bubble that many think it is. "High housing prices and high rents, by themselves, are not a cause for a housing market correction," he said. "Typically, it's a downward shift in demand that causes a real estate market downturn." Pastrick added that downward demand shifts are usually provoked by a negative event that is external to B.C.: for example, rising interest or unemployment rates, falls in in-migration or a geo-political event.
Languages
English
Additional Information
Related Domains
