As the year comes to a close, the housing market in BC remains strong. There is a continuing supply of people immigrating to Vancouver from other parts of Canada and the rest of the world. There is an expected 5% increase in the BC population in 2008. With eroding affordability in the first time buyer section there is more of a choice for home buyers. There are more condo's and townhouses to choose from in the lower price ranges. The chief economist for the BC Real Estate Association predicts an increase of 5% in Real Estate Prices for 2008, which is a bit less than his original prediction in October 8% in real estate prices for 2008. With the job market remaining strong in BC and the economy holding Cameron Muir suggests that there will be no significant change in the market for 2008.
Here on the North Shore the market seemed to have slowed down for the seasonal dip but, then picked up again. Houses sold like hot cakes over the weekend. Many went in multiple bid situations, somewhat unusual for the time of the year. There appears to be a greater number of places available on the North Shore but they are now selling fast again.