The writer is a mortgage broker whose area is mortgage bad credit in Canada.
The over building of the condo market in conjunction with the unstable market has caused prices to move downward, on average, 26.5% from 2008. I see another 12-14% drop in the vancouver real estate market until the market stabililizes in mid 2010.
Clearly, the pundits who predicted a fast recovery or who stated that the market would not react to the recession are out of bounds on this one.
The impact of a softening of the market will help first time buyers who were priced out of the Vancouver real estate market and current potential home owners step up to property ownership.
The writer is a reverse mortgage broker with numerous reverse mortgage clients