Housing markets are somewhat similar to a cruise ship trying to pull a U-Turn. They are painfully slow at changing course and generally once the ship has begun turning in a particular direction it is not simple to revert back. Thus, without sounding like a broken record, the trend for the Vancouver housing market remains in tact, one in which sales remain historically weak and prices continue to descend lower. In Vancouver home sales across all property types fell 36.5% year-over-year and was one of the worst February’s on record from a sales volume perspective. One could certainly argue these are unprecedented times, one in which an entire generation of have never seen sales volumes this low. It should come as no surprise that prices are trending lower across all property segments. This abrupt slowdown in housing will have knock-on effects and we are beginning to see that reflected in Canadian GDP numbers, the economy has contracted in three of the past four months as of December. So what does the Spring market have in store for us? Let’s take a look.
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