December Jump in Housing Sales Caps 2009 Rebound
December jump in housing sales caps 2009 rebound Seller's market in most Metro areas expected to continue until mid-2010 By Derrick Penner, Vancouver Sun - January 6, 2010 After plummeting to lows not seen since the 1980s, Lower Mainland real estate markets saw a rush in the second half of 2009 that pushed sales well above an economically challenged 2008 and prices back on an upward slope toward previous peaks. Aided by the slashing of mortgage rates, cut to the bone in step with the Bank of Canada's measures to stimulate the economy, new buyers poured into the market. The recovery wasn't equally shared among Lower Mainland municipalities, but Robyn Adamache, a market analyst for Canada Mortgage and Housing Corp., said most communities are in seller's market conditions, which she expects will continue until mid-2010 when an expected rise in mortgage rates takes hold. "Prices are expected to continue rising as well," Adamache said, "and that will be cutting out the benefit [the market has experienced] from lower prices combined with low interest rates." < click below for full article >
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