What does this mean for us?
Greater Vancouver house prices will see a stabilization in 2020. The aggregate prices for homes is forecasted to hit $1,125,200, an increase if 1.5% in 2020. For two-storey homes the prices are expected to rise to $1,460,700, a rise of 1.25% year-over-year. Median prices for condominiums is also said to rise to $666,900, a 3.0% increase by the end of next year.
According to Randy Ryalls, Managing Broker, Royal LePage Sterling Realty, "Sales have picked up significantly this fall and there is momentum in our market. Buyers who took a "wait and see" approach over the past 18 months are returning to the market looking to buy, confident that price drops have levelled off and may start to escalate." Ryalls went on to mention that the inventory will be low going into 2020, which will put upward pressure on prices.
"The concern for potential buyers may be that prices will escalate quickly but they should also be concerned that they won’t get the same selection of listings or time to look around," said Ryalls. "It varies between neighbourhoods, but areas such as East Vancouver are a seller’s market."
In addition, Ryalls mentioned that Greater Vancouver has a lower unemployement rate and the cost of borrowing remains low, which will ultimately motivate buyers to enter the market.