Following a year of near-record new home starts and existing home sales, the Metro Vancouver housing market will moderate slightly in 2008 and 2009. Strong economic and demographic fundamentals – steady job growth and population growth, along with continuing low mortgage rates – will support demand for new and resale housing. However, softening consumer sentiment and high mortgage carrying costs will temper the effects of these positive factors, dampening homebuyer demand. New home construction and MLS® sales will dip slightly, but stay high from a historical perspective for the remainder of this year and through 2009. Home prices will rise, but at a slower pace than in the past few years, as an increasing supply of both new and existing homes for sale give buyers more choice and more time to make their purchasing decision. Read more...