Categorized | International

Vancouver’s Real Estate Market Shows Signs of a Slow Down

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The city of Vancouver, which is most certainly Canada’s hottest real estate market, is finally show signs of cool down after two years of unprecedented sales and increasing home prices. During the month of July, house prices declined for the first time over the two-year stretch.

While much of the rest of the world has been struggling through a global recession that has taken a tremendous toll on the real estate market, Vancouver’s housing market has performed at extraordinary levels. Prices on homes had jumped at impressive rates, including a twenty one percent increase in the past year. While other cities in Canada have seen some increases, they have not been able to keep up with Vancouver’s success.

For the first time in two years, however, the Vancouver housing market experience a decline. The number of homes sold dropped more than twenty percent, and prices slowly decreased to roughly $600,000. This decline could possibly be attributed to an increase in the number of homes listed for sale, and there being less bidding wars as a result.

Canadian officials worry that the slowing real estate market in Vancouver may be an indication to come with respect to the housing market around the country, particularly with the uncertainty being faced in the financial markets throughout the world.

This particular slowdown doesn’t mean that the rest of country will definitely face a similar situation. Part of Vancouver’s unbelievable success is likely due to the unique surroundings of the city. Vancouver is bordered by the ocean on one side of the city, and by mountains on another. Canada’s housing market has done well following the global recession, and in other cities, the market remains strong.

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About Nancy Raven

Nancy is the main writer for the International section of the website. Sometimes she also helps Drew out on the Finance/Mortgage section as well.

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