Housing market has 'flatlined'The average home costs about 5.7 per cent less than 2011Housing market has 'flatlined'
VANCOUVER (NEWS1130) - If you've been staying out of the housing market, waiting for a big drop, you might be in for a long wait.
Metro Vancouver's housing market is in a 'flatline' pattern, according to the numbers.
The Conference Board of Canada's latest look finds the average home costs less than last year, by about 5.7 per cent. Resales are up 3.9 per cent over the previous month but still down more than 20 per cent compared to last year.
Tsur Somerville of the Sauder School of Business says the signs don't show a collapsing market. "They're more suggestive of a leveling out, but looking at a period where the housing market is at a slower, calmer place."
Somerville says that should give people the chance to look around without major stress.
"There's not a lot of pressure or worry that somehow if you miss a house now, that there won't be any next month, or prices will be out of your reach."
Somerville says it would take a major change in interest rates or an economic shock for the housing market to plunge dramatically.
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