“A continuing imbalance between supply and demand will put some additional downward pressure on home prices in 2009.” –B.C. Real Estate Association, Housing Forecast, February 2009
Blame it on the recession. Blame it on high prices. Blame it on Liam Neeson being a total badass. The thing is, it doesn’t matter who you blame because at least we’re on the same page. According to the B.C. Real Estate Association, real estate prices will continue to fall in 2009. Experts and renters unite?!
The BCREA forecasts a 13 per cent price dip across the province. In Greater Vancouver, the projected dive is 14 per cent. While this may seem modest, even optimistic, give the pumpers points for making it to the party. Their forecast report refers to the collapse as “some additional downward pressure.” You have to laugh at the language. Downward pressure? What is this, a back massage?
Here’s the spin-free version: The BCREA expects the average home value in Greater Vancouver to decrease $7,147 a month, every month, in 2009.
Photo credit: Duncan Rawlinson