Real Estate Board of Greater Vancouver has a new president
There will be a new name appearing on the Real Estate Board of Greater Vancouver's monthly pronouncements on the state of the housing market.
That's because Sandra Wyant of RE/MAX Lifestyles Realty has taken over as president from Eugen Klein.
Wyant has been on the board for several years and has also been a director of the B.C. Real Estate Association.
Klein's term was marked by sharply declining sales volumes brought on, in part, by Finance Minister Jim Flaherty's decision to cut the maximum amortization period to 25 years.
After taking office in 2006, the Conservatives increased the maximum to 40 years before reducing it to 35 years, 30 years, and then 25 years.
This has had a severe effect in Vancouver, which is Canada's least affordable housing market and where a 25-year borrowing period is most likely to prevent first-time buyers from taking out mortgages.