It is projected that both the Fraser Valley and Greater Vancouver will see another solid real estate year in 2008, with the trend being more selection for buyers and prices rising at a slower pace than we have seen in recent years.
The BCREA (British Columbia Real Estate Association), forecasts that the average residential price increases we will see in 2008 in the Fraser Valley will be approximately six percent. They expect that detached homes will rise approximately six percent, but that townhomes may rise as much as eight percent and apartments somewhere in between, at approximately seven percent.
Cameron Muir, BCREA's chief economist, projects listing volumes will continue to increase in the Valley resulting in, "less upward pressure on prices, reducing the number of multiple offers, and giving consumers and members more time for comparison and negotiation."
"How can prices continue to rise after so many years of increases?", you may ask. Muir says consumer confidence in the Lower Mainland and Fraser Valley remains high, "Despite some challenges in the economy such as the high Canadian dollar, we have strong job growth, wages rising higher than inflation and mortgage rates are expected to edge down in the first half of 2008."
Overall experts predict continued stability in Fraser Valley's 2008 housing market, with the resale market remaining sound, new construction at a steady level and hot demand for rental and apartment units, all due to underlying strong economic fundamentals.
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