A HOME DREAM OR DREAM HOME..?
Owning a place in Vancouver is becoming a dream for average Canadians after this longest boom in real estate history of the city and recent changes in mortgage rules.
“What will happen to real estate market after January 2018? Are prices coming down?”
Realtors and mortgage professionals are asked this question so many times in a day. As professionals, we try our best to answer their concerns based on what they want to do and what is their future plan. This is hard to predict what exactly the market will be like after January 2018, but one thing is for sure that market will be shifting towards stability.
Based on law of demand supply, it is so easy to predict that housing needs are not met yet, looking at the massive numbers of immigrants and students coming to Canada. Most of these students will be looking to buy houses after completing their studies and immigration process. Home prices will likely continue to increase until we see more housing supply coming on to the market
As per CIBC report Vancouver and Toronto house prices set for rise The housing markets in Toronto and Vancouver could resume their previous upward trajectories amid conditions of tight supply and burgeoning demand. The Canadian housing market, in general, is in an important transition period — especially Vancouver and Toronto, economist Benjamin Tal said in the report, which was released Tuesday. He said activity is likely to stabilize and perhaps soften in the coming quarters as markets adjust to recent and upcoming regulatory changes, including tougher rules for getting a mortgage.
“But when the fog clears it will become evident that the long-term trajectory of the market will show even tighter conditions,” Tal said. “The supply issues facing centres such as Toronto and Vancouver will worsen and demand is routinely understated.”