Economist Predicts Vancouver Real Estate Will Continue to Rise For 2 Years

According to Senior Economist from Central 1 Credit Union, Bryan Yu, the prices of homes and sales will keep rising for the next two years. Bryan states that the average homes in the province will increase 6 per cent this year to $425,000 and by 2017, the price will increase to $462,000 with median prices for detached Vancouver-area properties shattering the $1-million mark.

Central 1 Credit Union also forecasts that low mortgage rates through 2017 is a major factor leading to more sales of homes. It also states that sky high prices and a seller's market reveal the start of a long-term switch as families give up detached homes on pricey land and instead choose 'forever homes' in higher density condos and apartments.

Reference: CBC News

http://www.cbc.ca/…/vancouver-real-estate-prices-rising-1.3…