Report on Vancouver real estate points to the real estate market staying hot into 2015. Will interest rates still at an all-time low, buying sooner than later seems to be a good plan.
Barbara Yaffe: Vancouver’s real estate forecast to stay hot into next year, study finds
Bullish outlook: Don’t expect housing market to cool any time soon
Foreign money and a robust provincial economy will preclude any cooling of Vancouver’s red-hot property market next year, according to a major real estate study being released Wednesday.
Office space is the one real-estate category where an oversupply is forecast in the city, to be accompanied by potential downward pressure on pricing.
That assessment comes courtesy of a voluminous annual report, titled Emerging Real Estate Trends 2015, issued jointly by the Urban Land Institute and PricewaterhouseCoopers.
It describes Vancouver’s market as one of the country’s “best bets” in 2015, fourth strongest in the country in terms of investment, development and housing.
Vancouver trails Calgary and Edmonton, boosted by Alberta’s resource industry, and Toronto, where a still-strong condo market is being bolstered by people flocking to live downtown, in more compact spaces.