Is Metro Vancouver’s heated housing market starting to cool like the rest of the country?
No, according to Canada Mortgage and Housing Corporation.
CMHC is predicting the housing market will start to “moderate” nationally, with sales predicted to slow in 2016 and 2017.
However the forecast for B.C. is likely to stay as is, with housing price arrows likely continuing to point upwards over that time.
And by next year, CMHC predicts the average home price on the Multiple Listing Service could reach as high as $668,000.
That’s up from the projected $624,000 expected for this year.
CMHC says along with Ontario, B.C.’s housing market has played a “counterbalancing effect” on the free-falling energy market affecting Alberta.