CMHC Downgrades Risk of Investing in Vancouver, expert says no ‘doom and gloom for commercial property prices
It is no news again that the Vancouver real estate market is experiencing a tough time except for 5 neighbourhoods that remain strong. The month of July and early days of the new month of August have been witnessing a slight change in the story. How? Did the housing price exponentially increased overnight? No. But a recent report released by the Canada Mortgage and Housing Corporation (CMHC) revealed there is a moderate risk in investing in Greater Vancouver’s real estate.
The improved ratings according to the report is as a result of the decrease in the frequent increase in housing price; thus, lower home prices.
Another report compiled by the Real Estate Board of Greater Vancouver (REBGV) also showed improvement in the number of home sales in the month of July ― about 2,557 sales were recorded. This is more than 23.11 percent compared to the same time in the previous year. This, however, is in no way compared to that of the time before the market plunge. Although the real estate property prices are still falling, the benchmark in July is slightly better than that of the previous month.