Signs point to improving housing market in 2020
Canada Mortgage and Housing Corporation (CMHC) recently published their fall, National and Provincial housing market report. Below is a statement from the report by Chief Economist, Bob Dugan on a National level.
“Housing starts are projected to stabilize in 2020 and 2021 at levels in line with long-run averages. This follows two years of declines from elevated levels in 2017. Resale activity and house prices are expected to fully recover from recent declines, supported by growth in income and population.”
BC is projected to show moderate price growth in 2020 that will strengthen more in 2021. This aligns with the MLS stats in Vancouver that over the last four months running have shown increased activity when compared with the same four months from 2018. In October, sales activity actually exceeded the ten year average so all these stats point towards a healthy housing market as we head into the New Year. In my opinion there is a window of opportunity between now and the spring market to enter the housing market and take advantage of the reduction in prices we have experienced over the last couple of years.
If you have any questions or would like to consider taking advantage of the present market conditions feel free to contact me for further information on the neighborhoods of interest to you.