Spring seems to have arrived in the Lower Mainland and brought with it a stabilization in housing market conditions all the way from Vancouver through to Surrey, Langley, and into the Eastern Fraser Valley.
BC Real Estate Association chief economist, Cameron Muir says, “The imbalance between supply and demand was putting significant downward pressure on home prices, on the demand side, we’ve now seen three consecutive months (seasonally adjusted) of double-digit increases in home sales. And on the supply side, the number of homes for sale in Vancouver has declined for six consecutive months.”
The forecasted decrease in pricing is also being revisited. Originally BCREA forecasted a 13% decline in housing prices; they have now revised this number to between 5% and 8%, depending on the location.
This stabilization in pricing is beneficial for both buyers and sellers. Buyers are still able to purchase houses and fairer values than they were even 2 years ago; while sellers are able to sell their home more quickly.
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