Posted February 7, 2009 by Adam Toren in Vancouver Real Estate

2009 forecast

2009-forecast-doc-2According to the Royal LePage 2009 forecast, the Canadian real estate market is headed for a “correction” and not a crash this year.

The news is seen as good from the buyer’s perspective as homes become a little more affordable, and bad from the sellers side as they see less than expected value for their homes.

Average prices across the country are expected to drop by only three per cent while Vancouver will see a 9% price decline instead of the 4% overall rise in 2008.

The thing to remember is the true value of your house can only be determined when it is sold.  Market value is between the maximum buyers are willing to pay and the minimum of what sellers are willing to accept. With interest rates at record lows, and prices falling this is a great time to buy.

Adam Toren

Adam Toren
Adam Toren is born and raised in Vancouver BC and loves everything Vancouver BC has to offer. He loves traveling and exploring new and unique restaurants and places around the world.