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New indications today that Real estate market is cooling off, sales are declining and prices are flattening. Bell Puri has the details.
Spring at this year’s washed away winter’s record of home sales.
“Today, home sales are down more than 30% from that very high level and that had an impact on the market place.”
Interests rates are up; it’s harder to get credit.
“Buyers are conscious. They’re going and looking at all the houses, but they’re not prepare to pay the price that they are asking.”
As the result, Canadian real estate association has revised its 2010 housing prediction. The national forecast of just over a half million sales’ been reduced by 40,000. BC accounts for 22,000 of those sales that won’t happen. Record march and April house prices have dropped, not substantially but they have come down.
“Our number tell us very clearly right now that prices have basically leveled at this point.”
Changes in the market place are beginning.
“We do know that our inventory levels are rising, which’s gonna create more choice for buyers. And it’ll give buyers more time to find a home.”
The province, metro Vancouver and particular experts say it’s heading toward a buyer’s market.
“Sellers will only have one choice, if they want sale a house have to come down to where the buyers are prepared to pay. I think, by the end of August, you gotta see quite a bit of change.”
If the trend continues, home owners can expect much more selection and much less chance of getting into a multiple offer situation. Paying more than anticipated or expected could become a scene of the past.
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