This from the news today (CMHC is the Canada Mortgage and Housing Corporation)
"CMHC is still saying mortage rates will continue to rise moderately, this year.
And, so will housing prices. CMHC also says, by the end of the year demand will ease because many people will find they just don't have enough money to get into the market. The average house price on the Lower Mainland has now hit $705,000. That's a 29% increase in the last year. Prices have risen 80% since 2002. You can expect prices to stay two to three times ahead of inflation. At this current pace, a home will cost $1.2 M by 2010."
It is a gorgeous place to live. But what a price tag.
2 comments:
I'm not sure which to hope for more - for the bottom to fall out of the housing market here, or for the introduction of 50 year mortgages (which I hear is the only way people in places like Zurich can ever afford to buy a home!)
Meanwhile, I'll try to put up with my poky but relatively cheap co-op apartment.
Vancouver is definitely a crazy housing market! Definitely not jealous of that, but will concede that I wish we had spring like you have spring. We're still under at least a foot of snow.
sigh.
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