Metro Vancouver real estate sales will drop in 2010 compared to last year and flatten out in 2011 because new buyers who would have been in the market were enticed to buy in 2009, Canada Mortgage and Housing Corp. said Wednesday.
CMHC is forecasting that Metro Vancouver will see 35,000 property sales cleared through the realtor-controlled Multiple Listing Service, a 3.5-per-cent decline from 2009 and will slip another three per cent to 34,000 transactions in 2011.
“Certainly the market recovery we saw over the past year, at least anecdotally, a lot of that seems to have been first-time homebuyers taking advantage of the lower [mortgage] rates combined with lower prices,” Robyn Adamache, a market analyst with CMHC said in an interview…
Posted by: Derrick Pener, Vancouver Sun; With Files From Canwest News Service
Date: May 20, 2010