Vancouver housing market forecast to see moderation over the next 2 years: CMHC
Short of a downturn, Canada Mortgage and Housing Corporation (CMHC) has forecast a ‘moderation’ in Metro Vancouver’s housing market in 2019 and 2020, according to its latest Housing Market Outlook.
The federal agency says the local housing market can expect lower sales, higher inventories of homes for sale, and slightly lower home prices compared to the recent market highs experienced in the region.
“This shift in conditions marks the end of the ‘two-speed’ market conditions that had prevailed in the region since mid-2016, whereby lower-priced properties experienced higher demand and price growth compared with higher-priced properties,” reads the report.
“As 2018 has progressed, demand and home prices have now softened across all market segments and local geographies. Slowing population and employment growth and rising mortgage rates have impacted demand for some properties in the Vancouver CMA.”