(PRWEB) March 19, 2013
Toronto, Ontario – Vancouver housing market has recently seen a severe drop in home sales. A 29% decline was reported by major newspapers including Wall Street Journal. Marcus Arkan, CTO of Canada’s leading mortgage brokerage Syndicate Mortgages, has stated that current stats indicate that Canada’s housing market is now changing its pace. However, Mr. Arkan further opines that Canada is still not heading for a US styled bubble burst.
According to Mr. Arkan, one of the major reasons behind the decline could be a delay created by the sellers who might still be waiting for better offers. On the other hand, he added, buyers are also waiting for the prices to drop. “Greater Vancouver Area is still one of the overvalued and least affordable markets. There is plenty of room for correction and that may be one of the reasons why buyers are waiting for the right time.”
Official figures, as indicated in The Province and the Financial Post’s article this week, show that home sales in Vancouver remained 1,797 units this February. Last year, the sales were 29 percent higher at 2,545 transactions. Similarly, Globe and Mail also cited the Real Estate Board of Greater Vancouver as the board reported a 3.3 percent drop in the prices of resale properties. The sales for this February are seen as the lowest since 2001.
“It was a below seasonal average. However, this can be seen as a good sign for a market that was alarmingly hot a year ago,” added Mr. Arkan despite the speculations of a possible bubble burst by major tabloids. According to him, while sales are down, the number of new listing is also lower. As President of Real Estate Board of Vancouver, Mr. Eugen Klein pointed out, due to a low number of new listings, the sales to active listing ratio has also seen a two percent increase. In his statement, Mr. Eugen also confirmed that there is a clear decrease in the number of days a property stays on the listing.
“What we can easily understand here is that affordability is improving and with lesser new listings, there is clearly no sign of a bubble burst any sooner. The key buying season has arrived and people will start buying once again,” Mr. Arkan opined.
With a prediction of many first time home buyers, Mr. Arkan added that the market will soon be back on its feet. For more information on Canada home buying and mortgages, visit the website http://www.syndicatemortgages.com
About Syndicate Mortgages Inc.
Syndicate Mortgages Inc. is one of the leading Canadian mortgage brokerage firms. Founded in 2008 in Ontario, the company specializes in residential, commercial and construction financing across Canada. With years of experience and expertise in the mortgage industry, and access to an array of lending institutions across Canada, Syndicate is known for finding the best mortgage rates for their customers. Syndicate has branch locations across Canada. For contact, please use the following details.
Syndicate Mortgages Inc.
Toll Free: (888) 646-1062