Housing sales are steady in the Fraser Valley, even as they seem to be in a bit more of a decline in Metro Vancouver.
Declines in sales activity and prices are more marked in Metro Van but as neighbourhoods and Lower Mainland cities are so different, it is hard to paint with too broad a brush. Still, a few basic trends seem to be emerging.
One is that, despite low interest rates, people seem to be unwilling to pay any more for housing. Prices have been going up for a long time and are now at the point where many working people simply can't afford to buy.
Another trend is an inability to qualify for a mortgage. The federal government has tightened up the amortization period for homes requiring Canada Mortgage and Housing mortgage insurance and that means bigger monthly payments. And that means some people simply can't get into the market.
A third trend is more intangible, but nonetheless valid. People have a sense that the economy isn't doing nearly as well as it could, and even positive economic news does not entice them to go out and borrow a great deal of money.
Do you believe Metro Vancouver housing prices will fall in the next year? Vote in our online poll.
