Senior Economist Robert Hogue of the Royal Bank says that the market of housing in the area of Vancouver is “cooling but not collapsing,” News1130.com reports.
According to RBC official, the market started slowing last spring and will go on be “weakening in demand and moderation in prices in the near term.” At the same time, he noted that there is no risk of a “wholesale collapse” of 25 to 30%.
Robert Hogue stressed that the area’s economy “depends heavily on housing both directly and indirectly.”
Meanwhile, RBC Senior Economist believes that Vancouver will go on attracting wealthy buyers from abroad “once the initial shock from the [new 15 per cent] tax has run its course.”
