Home Sales and Prices to Remain Flat in Metro Vancouver?

We are getting conflicting reports on the state of Metro Vancouver real estate.

While a number of reports and findings state that the market will undergo a slight
post Olympic correction, it will remain strong kept aloft by the perpetual "Lower Mainland"
real estate bubble. However, a new report by the BC Real Estate Association (BCREA)
says otherwise.

This report shows that over a twelve month period from May 2009 to May 2010 home
sales have slowed by 3.9% in the greater Victoria and Metro Vancouver regions.
The report also shows that while sales have began to slow, the average price in the
region has began to slightly increase. A partial explanation for this price increase
is a higher interest rate, which makes lines of credit such as mortgages more expensive.

Another explanation for this upwards price shift is the possibility that landlords are taking
their property off the sales market and putting it into the rental market. This is quite plausable
as it was recently announced that the vacancy rate in most major markets has increased by
a few percentage points. Because of this increased vacancy rate the cost of Vancouver
housing rentals and furnished Vancouver apartments has gone down.

Because the market has recently been so sporadic and unpredictable it would currently
be foolish to make a large real estate investment. If you are considering relocating
to Vancouver, it may be advisable to rent a furnished Vancouver house and wait
until the market stabilizes.

Golden City Rentals has a large inventory of furnished Vancouver apartments and
other short term rentals Vancouver that would be perfect for a temporary relocation
in the city while you look for that perfect permanent home.