2006 Real Estate Market Forecast
A recent read of mine says, “Experts predict 2006 will be a runner-up to last years market”. Could it be, with the talk of market crashes beginning to fade, it seems as though people are starting to accept the new market conditions.xml:namespace prefix =" o" ns =" "urn:schemas-microsoft-com:office:office"" />
In 2005, 10,793 sales were recorded. Predictions for this year:
Re/Max – 10,566
Royal LePage – 10,469
CMHC (Canadian Mortgage & Housing Corp.) – 10,296
CREA (Canadian Real Estate Association) – 10,210
But what’s on most peoples minds are, price increases. Royal LePage Real Estate Services’ 2006 Market survey forecasts house prices will rise about 6% while CMHC foresees an increase of 4.9%
For those of you interested, the average price of a detached house in ALL of the Fraser Valley in December 2005 was $410,246 (this was 17.5% higher than the same time one year earlier. (2004)
It seems everyone agrees, to moderation in the year ahead with a slight decline in sales, mainly due to interest rates. Regardless of what happens, the Fraser Valley will still remain and attractive place to buy, especially from migrating Canadians, when compared to the benchmark price of Vancouver homes $567,417 December, 2005.