The boulevard condo thornhill . It unfolds between improving medical science and the surging demand for housing, “Soper concluded.
“the real estate brokerage industry has made agreements that allow us to sell properties safely between outbreaks, but when the high level of transmission of the epidemic is still the norm, some potential sellers will be careful not to list their properties. limits the supply of available housing.”
In Greater Vancouver, the hottest area of real estate, the total price of a home is expected to rise 9.0% year-on-year to C $1.2626 million in 2021. Over the same period, the median price of a standard two-story house is expected to rise 10.0 per cent to C $1.6717 million, while the median price of a condo is expected to rise 3.5 per cent to C $684300. “I am confident that we will continue to see prices rise next year,” Soper said. Vancouver has proved to be a fairly flexible market with high demand and low inventory. ” We can’t imagine this happening in March, but despite public health concerns, consumer confidence remains high. With mortgage rates attractive and vaccines expected, demand is likely to remain strong.
But this is a far cry from a report released last week by Fitch, which argues that demand has been unsustainable and that house prices are expected to fall 3 to 5 per cent by 2021 after rising 7 per cent in 2020. Demand has fallen as a result of rising unemployment and growing affordability problems. In addition, falling rents, a sharp drop in immigration and B20 mortgage affordability stress tests will put further pressure on house prices.
