Quote:"We're likely going to see more of the same next year, certainly not expecting to see a dramatic rebound. I'm forecasting home sales will be up next year compared to this year but only in a modest percentage, still falling a little bit short of those longer term averages."

Quote:“While we have seen prices come off in some neighbourhoods, we have also seen a pullback in the number of new listings being added. Many potential home sellers are not putting their homes on the market. That tends to have a balancing effect on the overall marketplace,” Mr. Muir said...

“Some home buyers are sitting on the fence and I think many of them will come back into the market in 2013 when they realize they aren’t going to buy a home in Vancouver for 50 cents on the dollar,” he said.

Quote:“I am now convinced that we will never hear the end of housing bubble speak. The premise is now as firmly entrenched in popular consciousness as carbon emissions and TMZ. It has taken the form of idolatry in the blogosphere, where any countervailing narrative is demonized. It has catapulted university dropouts into media darlings because of a hackneyed webpage and an opinion. It has been tarted up by so-called experts who predict impending doom year after year, despite being completely wrong every time.”

Quote:“Beyond all expectations, Vancouver’s housing market is hitting record sales activities and prices late in 2009, something Muir said is not sustainable because interest rates have nowhere to go but up.”

“The same sudden increase in affordability on the Coast market caused a frenetic amount of activity once fear from the crisis wore off. But that activity cannot last, Muir argued, calling it “irrational exuberance.”

“How high can prices go before consumers reach a limit on what they can pay?”