The concern comes from the B.C. Real Estate Association forecast this week that average home sale prices will fall by as much as 8.7 per cent in the Greater Vancouver and surrounding areas. There is a 13.78 percent drop from the previous forecast only a few months ago. Overall, the new forecast for the first time in 5 years, has been a steady decline for the Greater Vancouver area.
Hanging onto a home or property in a falling market is ideal. Making it through the tough times, then selling later when the market rebounds is an example of a good strategy. However, it seems that property owners are mortgaged to the max and cannot get around these declines in the housing market. These fundamental practices are the difference between having to foreclose and being in a position to ride the storm. There are other circumstances can also play pivotal roles in having to foreclose or not.
It is through pricing markets and economic growth over the past years that these forecasts and predictions set the trends. The market is still up from 2015 but is consistently decreasing and seems touchy.
For more, read the full BCREA 2017 Forecast HERE.