{"id":10178,"date":"2018-08-31T10:10:52","date_gmt":"2018-08-31T17:10:52","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=10178"},"modified":"2018-08-21T11:41:04","modified_gmt":"2018-08-21T18:41:04","slug":"bcrea-vancouver-housing-sales-expected-to-drop-26-in-2018","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/08\/bcrea-vancouver-housing-sales-expected-to-drop-26-in-2018\/","title":{"rendered":"BCREA Vancouver Housing Sales Expected to Drop 26% in 2018"},"content":{"rendered":"<p style=\"text-align: justify;\">The effects of stricter mortgage qualification rules \u2013 known as B20 guidelines \u2013 that came into effect January 1 have driven housing demand down across BC and are expected to push housing sales down further this year, according to a new British Columbia Real Estate Association (BCREA) forecast.<\/p>\n<p style=\"text-align: justify;\">Sales in greater Vancouver are expected to fall 25.7% this year, according to the forecast, with unit sales reaching 27,200, compared with 36,604 units in 2017. The average MLS sales price is forecast to creep upward, however; the BCREA said it expects the average to reach $1,050,000 \u2013 a 1.9% increase compared with $1,030,000 last year.<\/p>\n<p style=\"text-align: justify;\">Across the province as a whole, sales are expected to fall 21% to 82,000 units. Decreases are forecast in all regions except in the northern part of the province, where sales are expected to rise 1.9%. The average BC sales price is expected to increase 1.9% to $723,200.<\/p>\n<p style=\"text-align: justify;\">\u201cThe BC housing market is grappling with a sharp decline in affordability caused by tough B20 stress test rules for conventional mortgages,\u201d BCREA chief economist Cameron Muir said.<\/p>\n<p style=\"text-align: justify;\">\u201cWhile these rules have had a negative effect on housing demand across the country, the impact has been especially severe in BC\u2019s large urban centres because of already strained housing affordability.\u201d<\/p>\n<p style=\"text-align: justify;\">The new mortgage policies have pushed demand downward, but there are other factors at play that will lead to a rebound \u2013 if only a slight one \u2013 in the marketplace, according to the forecast. Demographics are favourable with a large number of younger British Columbians entering their \u201chousehold-forming years.\u201d As well, unemployment is low, pushing wages higher and leading to stronger wealth and confidence for households.<\/p>\n<p style=\"text-align: justify;\">The BCREA said it expects sales in 2019 will rise 1.3% in greater Vancouver and 8.2% across the province, with small increases in average sales prices as well (3.3% and 5.3%, respectively).<\/p>\n<p><a href=\"https:\/\/biv.com\/article\/2018\/08\/vancouver-housing-sales-expected-drop-26-2018-bcrea\" target=\"_blank\" rel=\"noopener\">BCREA : Vancouver Housing Sales Expected to Drop 26% in 2018<\/a> by Emma Crawford Hampel | Business in Vancouver<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The effects of stricter mortgage qualification rules \u2013 known as B20 guidelines \u2013 that came into effect January 1 have driven housing demand down across BC and are expected to &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/08\/bcrea-vancouver-housing-sales-expected-to-drop-26-in-2018\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-10178","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>BCREA Vancouver Housing Sales Expected to Drop 26% in 2018 &#8226; 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