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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 a serial entrepreneur, mentor, investor and co-founder of YoungEntrepreneur.com. He is co-author, with his brother Matthew, of Kidpreneurs and Small Business, BIG Vision.