Two opinions from REmax and CIBC on the Vancouver market

My comments on the recent article in the Vancouver Sun, with two opinions from REmax and CIBC on the Vancouver market.

The former is quite bullish and sees the market as now stable and in balance (between buyers and sellers) with the higher end driving the market currently as we have so much off shore money from China coming in to acquire these expensive properties.  The CIBC offers the central Canadian view that we are overvalued by about 17% and that prices could decline 10% over the next 12 months (the interesting thing is decline from what….actual sales or asking prices…some of which are way out of line)  However, CIBC does concede that with the increasing in migration and overall health of our economy we should outperform the rest of Canada over the next decade.

Ultimately properties have to be affordable for those who live and work in this economy unless we are to become a nation of renters living in properties financed by off shore investors who are in for long term capital gains.  I predict a stable market with good prospects for long term appreciation.

Read full article: 

Luxury home market booming in Metro Vancouver
While B.C. home sales have slowed, home values will remain stable in the coming months, predicts Re/Max

By Derrick Penner, Vancouver Sun October 5, 2010