We are getting conflicting reports on the state of Metro Vancouver real estate.
While a number of reports and findings state that the market will undergo a slight post Olympic correction, it will remain strong kept aloft by the perpetual "Lower Mainland" real estate bubble. However, a new report by the BC Real Estate Association (BCREA) says otherwise.
This report shows that over a twelve month period from May 2009 to May 2010 home sales have slowed by 3.9% in the greater Victoria and Metro Vancouver regions. The report also shows that while sales have began to slow, the average price in the region has began to slightly increase. A partial explanation for this price increase is a higher interest rate, which makes lines of credit such as mortgages more expensive.
Another explanation for this upwards price shift is the possibility that landlords are taking their property off the sales market and putting it into the rental market. This is quite plausable as it was recently announced that the vacancy rate in most major markets has increased by a few percentage points. Because of this increased vacancy rate the cost of Vancouver housing rentals and furnished Vancouver apartments has gone down.
Due to the fact that the market has recently been so sporadic and unpredictable it would currently be foolish to make a large real estate investment. If you are considering relocating to Vancouver, it may be advisable to rent a furnished Vancouver house and wait until the market stabilizes.
Sam Reynolds is the web-intern extraordinaire at Golden City Rentals, Vancouver`s leading provider of furnished apartment and housing rentals. If you looking for furnished apartment rentals, furnished house rentals, or Vancouver corporate housing look no further than Golden City Rentals.
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