- For a hockey-mad town like Vancouver, Markus Naslund signing with the Rangers is legitimate front-page news. Still, I can’t help but wonder what would’ve been if Nazzy announced his departure a day later. Maybe then the above-the-nameplate “Buyers’ Market” story would’ve been the headline, forcing me to contemplate my retirement from blogging. (As I’ve hinted at, this blog dies when the hype is dead, and that’ll probably come when the Sun runs a headline proclaiming market doom.)
If the Buyers’ Market story is any indication, the Sun and the gang of industry experts they love to quote, are far from declaring Real Estate Judgment Day. From the article:
“When a market is in buyer’s market conditions, there is little upward pressure on home prices,” which is reflected in those May-to-June changes Cameron Muir, chief economist for the B.C. Real Estate Association said in an interview.
However, Muir doesn’t see any factors that would drive prices down.
Consumer confidence is lower than it was a year ago and Vancouver’s high prices have squeezed some buyers out of the market, Muir said, but the region’s overall economy remains strong with solid job creation and positive levels of population migration.
“There is no indication, at this point, of any kind of substantial decline in prices,” he added.
The president of the Real Estate Board of Greater Vancouver is also given air time in the article and, no surprise, says pretty much says the same thing. So to sum up, at least as far as the “experts” are concerned, more properties plus fewer buyers equals little change in the market.