A panel of experts share their predictions about what the future holds for the Lower Mainland’s property market
By Derrick Penner, Vancouver Sun
Metro Vancouver's real estate markets turned in 2008, which has meant falling sales and declining prices since late last spring.
with gloomy economic developments dominating the news, uncertainty
reigns over what is going to happen in real estate markets and when a
recovery might be expected. The Vancouver Sun wanted to take a longer-term view.
invited to its editorial offices a panel of experts in Polygon Homes
chairman Michael Audain, top realtor Patsy Hui with Re/Max Westcoast,
and Tsur Somerville, director of the centre for urban economics and
real estate at the Sauder School of Business at the University of
The conclusion of their discussion: The
economic turmoil will continue having an impact on markets, and prices
will keep declining. But at some point they will have to “unfreeze.”
Sales will pick up as people have to buy and sell property for family
In the longer run, that normal activity, coupled with
Metro Vancouver’s attractiveness as a destination for immigrants, give
the region a solid basis for real estate markets to grow back from.
Read the full story here.