Vancouver turning into a home sellers market

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VANCOUVER (NEWS1130) – If you own a home in Greater Vancouver, its value is set to increase slightly this year and next.

Cameron Muir, BC Real Estate Association chief economist, says according to the second quarter forecast, the average price of a home will jump 4.8 per cent to $805,000, edging to $815,000 by next year.

“For home sellers, they’re in a much better position today than they were a year ago. A year ago the market in Vancouver was very much a buyers market. You know, home sellers had to compete with one another for available buyers in the market place,” he says.

If you’re looking to buy, Muir says the one benefit of the current market is that you can lock in at near-historic low interest rates.

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