Market stabilizing faster than first predicted

(Source: Treena Wood, News1130)

If you’ve been waiting for the market to bottom out before buying a home, now may be the time. The BC Real Estate Association says the market is stabilizing faster than it first predicted, and prices will stop sliding later this year.

It’s now calling for an eight-percent drop in the price of a home in 2009, rather than the 13 per cent it initially forecast.

The Association says markets are becoming balanced in Victoria, Vancouver, and the Fraser Valley, with almost no downward pressure on prices.

Also read: 
B.C. home prices stabilizing: BCREA report” Vancouver Sun (May 26, 2009).
B.C.’s plunging real estate prices levelling off: report” CBC (May 26, 2009).
Real Estate Forecast for Improved Sales Late 2009” Opinion 250 (May 26, 2009).

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