National, provincial, and local economists met at the Canada Mortgage and Housing Corporation Housing Outlook Conference November 4th here in Vancouver. The consensus from the conference hosted by Canada’s housing Agency: Housing in the Lower Mainland will remain strong well into 2016.
Economists at the conference cited three key reasons for their conclusions:
1) the overall economy is expected to continue to improve, attracting immigrants and new residents to the area
2) Interest and mortgage rates are expected to remain at record lows until at least the end of 2015
3) Baby boomers will continue to downsize, ensuring demand for townhouses and condos
In the final analysis, then, while the market has been hot, it does not show any sign of slowing down in the near future.