A new report takes an opposite view to mounting concerns about the white-hot real estate market in Metro Vancouver. A number of economists and observers have said that the market is overheating, with high demand and rising prices going beyond historical norms. However, a report by Dexter Realty claims that the market has more to give yet.

“Wild as the current Metro Vancouver market is right now, it may be the calm before the storm,” states the report written by the Vancouver firm’s partner and chief economist Kevin Skipworth. That storm could be generated by the return of foreign buyers and the full resumption of immigration to Canada.

“We believe there is one wild card yet to be played and it could shift the housing market into hyperdrive later this year,” Skipworth wrote. Skipworth said that this card is the “potential rebound of international buyers and immigration, which were credited for sparking high home sales in the mid-1980s and in 2016-18”.

The influx of foreign buyers and arrival of new immigrants “could do so again in 2021”.

“We believe pent-up demand and a war chest is building and it could be unleashed on the Vancouver-area housing market later this year,” Skipworth stated.

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