Limited supply of listings of homes for sale have kept house prices relatively stable during the Covid-19 pandemic. There are willing and able buyers out there buying houses, townhomes and apartments, but with relatively little inventory of homes on the market to choose from. This is currently giving home sellers the upper hand.
However, one prominent bank economist believes that may begin to change, as early as this fall.
“We believe the scale will tip in favour of buyers in many markets across Canada and (benchmark) prices will fall modestly, possibly as early as this summer. This, along with historically low interest rates, will reduce home ownership costs,” wrote Robert Hogue, an economist with RBC Economics.
Posthaste: Housing affordability is a worry but one analyst believes the scales may tip in favour of buyers as early as this summer
If you have pretty secure income and aren't in a rush to buy, more favourable buying conditions may emerge in the coming months. Part of that may include more listings coming to the market from distressed sellers, once mortgage deferall programs begin to wind down possibly.
If you are in the market for a home in the Fraser Valley, I can be of help by setting you up with customized searches, that are specific to parameters that fit your needs.