Markets To Strengthen
Markets to Strengthen
2010/01/10 Originally published in the Vernon Morning Star
Predictions are for a busier real estate market in 2010, according to CMHC and others.
The number of sales in existing homes in 2009 showed quite clearly that the depressed market of the last half of 2008 and the first quarter of 2009, is a thing of the past.
The market remained active deep into 2009 until thoughts of Christmas and the cold weather made sales trail off, just as it has done in years gone by. By the fall, the prices were beginning to show signs of re-stabilizing. I see more home construction starts underway again as I compare it to late 2008.
The Canadian economy is expected to continue its recuperation. British Columbia expects employment numbers to improve. That’s welcome news! Too many people lost their jobs in 2008 and 2009.
Signs are that for the foreseeable future interest rates will be very low. It’s my opinion that this is amongst the biggest reasons the market improved so much in 2009. Rates are expected to rise in 2010 but only slightly and slowly.
It is expected that the inventory of listings will be lower than in 2009. If that comes to pass, and I think it will, then the number of listings will be more in sync with the number of buyers. The simple laws of demand and supply would then lead to price increases and a healthier more active market.
Happy New Year everyone!
Jane Field works with RE/MAX Vernon. Jane has over 30 years experience in the Real Estate business. To suggest topics for future articles or to ask Jane questions, email or call 503-3755.
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