Watch for exaggeration in the news!
Even though the BC Assessment values are down, our prices are expected to remain stable through 2013 with a slight increase in home sales. I have been reading way too many ridiculous headlines in the news lately painting the worst possible picture of the real estate market in Canada. Be wary of any report that generalizes the Canadian real estate industry because real estate markets are location and product specific. The most recent Royal LePage market survey forecasts a modest increase in prices in all of the major Canadian markets (except Vancouver). See the press release here: Market Survey Forecast (PDF). Nothing is ever as bad as the media makes it out to be – so take everything with a grain of salt, and remember “flat is the new growth!”