We are contemplating selling or waiting for Vancouver’s market to recover.
We are contemplating selling or waiting for Vancouver’s market to recover. How is Vancouver in relation to past markets or other jurisdictions that were in a downturn?
Vancouver has experienced major downturns in 1974, 1978, 1981 – 1984 (16% interest rates), 1989, 1993 (13.5% mortgage), 1998, 2008. It recovered from all of them. Other markets? Toronto had a 16% sales increase, Montreal ditto (prices up 7% and volume 15%). Ottawa seems to be even reversing Canada’s declining home price trend by “experiencing its biggest boom in almost a decade,” according to The Globe and Mail increasing price by 8% in March.
