Queen's University

Vancouver real estate market cools off: Queen's University expert

2012-07-12

Queen’s University real estate expert John Andrew is available to talk about Vancouver’s slowing real estate market and potential for Toronto’s housing market to cool off.

The Real Estate Board of Greater Vancouver reported sales in June dropped 27.6 percent from a year earlier and hit a 10-year low. Dr. Andrew feels the two big questions now are: Will Vancouver home prices drop and will the Toronto housing market follow suit and cool off as well?

“With tighter mortgage rules coming into effect in a few days, I expected transactions in the last two weeks to increase, not decrease. What’s behind this sudden change? While prices seem to be stabilizing in Vancouver, how long can this last in light of a strong buyer’s market, with the ratio of Sales to New Listings at an incredibly low 13 percent (balanced is considered to be in the 40-60 percent range)? Is this drop in transaction volumes the precursor to house prices falling further?” says Dr. Andrew.

Dr. Andrew is a professor in the School of Urban and Regional Planning and School of Business, and director of the Queen’s Real Estate Roundtable. He comments regularly in the media about real estate-related news.

To arrange an interview, please contact communication officers Michael Onesi (office: 613.533.6000 ext. 77513, michael.onesi@queensu.ca) or Anne Craig (office: 613-533-2877, Anne.Craig@queensu.ca) at Queen’s University News and Media Services Department in Kingston, Ont., Canada.

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