Pursuits
LePage Expects Vancouver Housing Correction in 2017
- Realtor says plummeting transactions herald correction
- Single-family houses likely to face biggest declines
Plants are seen in the yard of a home for sale listed at C$7.89 million in the Point Grey neighborhood of Vancouver, British Columbia, Canada, on Friday, June 17, 2016.
Photographer: Darryl Dyck/BloombergThis article is for subscribers only.
Vancouver’s long-awaited housing correction may be around the corner: prices are headed for a double-digit decline in 2017 as buyers drop out of the market, according to the head of Canada’s largest real estate services company.
“Home prices had gotten so out of whack with the growth in underlying wages and salaries that there had to be a correction," said Phil Soper, chief executive officer of Royal LePage, a unit of Brookfield Real Estate Services Inc. “And it’ll happen in 2017."