BCREA – a New Saw In Town

Abundant Clarity

It is no wonder that the consumer is bent out of shape with indecision as to whether they should buy a house, sell a house or worse, move to Saskatoon. Should you choose the latter, Norm can help you when you get there.

It was just a few posts ago in the aptly entitled ‘Gold Metal for Most Expensive Real Estate‘ post we were told by the munchins of Demographia that Vancouver was the least affordable place on earth.

BCREA – aka Fat Lady

Today, the learned gentlemen at BCREA, appear to confirm that Demographia is right in its proclamation that Vancouver is unaffordable!

With an uncharacteristic sportsmanship, the boys seem to have taken shot at our rings of hope and perhaps our utopian minded premiere. With tuned vocal chords readied, the learned gentlemen at the British Columbia Real Estate Association began their new song by saying that our “GOLD MEDAL RECOVERY is LIMITED BY the ECONOMY, that will affect AFFORDABILITY.

Muir and Yu, BCREA’s Economists, in chorus chimed that: – “BC residential sales will be constrained by higher home prices, especially on the South Coast, and rising mortgage interest rates. In addition, relatively sluggish economic and employment growth is not expected to propel household incomes high enough to offset the rising carrying cost of housing.”

Chain-Saws

Many may not have to wait for the gathering storm to break the limbs from the Vancouver real estate tree. With all of BCREA’s blue-smoke data, it appears these singers of future events, just started their chain-saws.

Full Report

*Disclaimer: Information and quotes from BCREA. While believed to be accurate they are not guaranteed.