Despite low housing sales in Vancouver, housing prices set to register new highs

The Vancouver housing sales are experiencing lower rates of sales as compared to the previous sales. This trend is noticed more in sales of New houses

As per the reports released relating to the Housing Sector in the Vancouver province this year, revealed based on the study conducted by the Central 1 Credit Union recently.

Study Shows:

The study reveals that the housing market in the province is slowing down this year, this result is quiet opposite to what was expected when studied the previous record. As per the study the actual house sales in the province were likely to increase and were expectant to reach figures till 88,200 by the ending of this year. But according to figures reported the sales have lowered by around 1 per cent, when compared to the sales of the previous year 2010.

High drop was noticed in sales of new houses as compared to the old ones, statistics show that it lags behind by 26 per cent when compared to the sales of old houses. Rather the sale of old houses have been found better than the last year and hopefully will be raised 4.7 per cent as compared to the previous year’s records.

Further according to the experts while briefing up the last year’s report had expected housing sector in province to rise to 6.8 per cent that would approximately amounted to $ 417,000.
Future Expectations:

As per the experts the real estate sector in the province is expected grow and will be stable for the next coming years, this is expected with the changes in global economic matters, will also be affected by population growth, reasonable employment and the amending insurance rules.

It is expected that with the increase in need of the housing, it would lead to a hike in the housing sector by around 3.4 per cent and will be to compensate by increasing the sale of new homes too.

Now the government is planning to remove the current ongoing HST and now is planning implement the sales tax along with the other Goods and Services Tax and is expected to that home buyer aspirants may have to wait for till the year 2013, till the things gets stable.

According to the experts the people aspiring to buy homes above $525, 000 may have to wait for some time till the taxes get lowered in a reasonable way by the 12 per cent.

The research conducted shows that the speculators may have started with their ways in the Vancouver housing market which shows in coming times the house buyers may have to face unreasonable hike.