What sort of housing market can you expect in 2007?

The forecast for 2007 according to Carol Frketich, CMHC BC Regional Economist, is low inflation, a relatively strong Canadian dollar and a stable outlook for interest and mortgage rates through 2007. She believes that resale and new home prices will continue to increase in 2007 but at a slower pace, and also suggests that sales activity will remain high by historical standards, despite our housing market cooling slightly in response to interest and mortgage rate increases in 2006. BC has a great economic picture which means it has a great housing picture- its growing economy, record low unemployment, inter-provincial migration, international immigration, real income growth, and low inflation and low interest rates are benefiting Greater Vancouver buyers and sellers alike. For more information visit www.cmhc.ca

In Pitt Meadows/Maple Ridge there is a bit more of a balanced market, not that stressful frenzy we saw, not that long ago, the market still remains strong. For buyers there is not as much pressure to get that offer in, as there is a bit more product to choose from in many areas of the market, and prices are not increasing at the speed we've seen in past months. Yes, properties may not be selling in a few days but taking a few weeks or a couple of months, but that is more of a normal market. I see it as more of a healthier marketplace for all concerned.