Buyers Market: Canadian Real Estate Association

www.immigrantscanada.comJean Zhang Dept: In a market once famous for being overheated, Mr. Arora said he hasn t seen a bidding war in months. It s totally a buyers market. Buyers are determining the price, he said. And sellers are surprisingly accepting it. They are taking it. , according to Globe and Mail. Mr. Hasman said money flowing out of China has slowed considerably and Canadian banks have also tightened their mortgage lending rules, especially on larger loans commonly associated with high-priced real estate. Jean Zhang, who works for Sutton Group in Vancouver, agreed and said she is also seeing fewer immigrant buyers and vancouver s once-overheated housing market has cooled sharply, with the average price falling nearly 10 per cent in April from a year ago to $735,315, according to figures released Tuesday by the Canadian Real Estate Association. That was the largest drop since the recession and it marked the fourth decline in the past five months. One reason for the decline is fewer buyers from Asia, something that had been driving parts of the Vancouver market in recent years, according to agents. The number of buyers from China is definitely down this year, said Andrew Hasman, a real estate agent who specializes in high-end homes. We re seeing far fewer buyers from that part of the world and that s the reason our sales are down. (www.immigrantscanada.com). As reported in the news. www.immigrantscanada.com    .  .