Annual Medium Sales Price Will Climb In Sell Real Estate Vancouver
Monday, September 6th, 2010
By kristinaHelmut Pastrick, Chief economist for central credit union projects a 30% increase in sales for real estate for sale Vancouver in 2010, setting new records for both sales and prices, and then falling back slightly in 2011. Pastrick predicted that mortgage rates starting to turn up in 2010 and “with conviction” in 2011, with the 5 year term breaking through 7% which is good news for property buyers.
He added that the annual medium sales price will climb to $391,000 next year and $415,000 in 2011. Patrick also sees housing starts rebounding almost 50% in 2010. The sales upturn will be stronger in Metropolitan areas, with a 45% increase in home sale Vancouver. The record housing sales will be due to “favorable mortgage rates, a growing economy and easier credit for builders and developers.”
Furthermore, property experts in the city have stated that the implementation of the HST on July 1, 2010 will impact new construction and change its production schedule. There is also increase in Home renovation spending but will also be effected by the HST next year and the end of the Home Renovation Tax Credit. In good news for those who like to invest in rent real estate Vancouver, The rental vacancy rate will rise to 2.1% next year, from 1.6% this year and drop back to l.7% in 2011.
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