{"id":10462,"date":"2018-10-05T10:10:20","date_gmt":"2018-10-05T17:10:20","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=10462"},"modified":"2018-09-26T15:02:54","modified_gmt":"2018-09-26T22:02:54","slug":"the-good-news-the-bad-news-of-bcs-housing-market","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/10\/the-good-news-the-bad-news-of-bcs-housing-market\/","title":{"rendered":"The Good News &#038; The Bad News of BC&#8217;s Housing Market"},"content":{"rendered":"<p style=\"text-align: justify;\">It\u2019s been a rough year for BC\u2019s housing market as it faced a one-two punch from tighter mortgage regulations and higher interest rates, both of which have left many potential buyers feeling the pinch.<\/p>\n<p style=\"text-align: justify;\">While a new report from financial-services company Central 1 Credit Union says the resale housing segment \u201clooks to have finally turned the corner\u201d that assessment shouldn\u2019t buoy readers too much.<\/p>\n<p style=\"text-align: justify;\">Even though the market\u2019s performance isn\u2019t expected to grind the province\u2019s economic growth to a halt, it\u2019s not exactly anticipated to prop it up either, and the new-home market poses potential challenges for the economy as well.<\/p>\n<p style=\"text-align: justify;\">\u201cWhile the resale market is no longer a direct drag on growth, the sluggish environment will slow future economic activity,\u201d writes Bryan Yu, Central 1\u2019s deputy chief economist, in the report.<\/p>\n<p style=\"text-align: justify;\">Central 1 notes that 6,370 existing homes changed hands across the province in August, up 2% from July and representing the second consecutive month-over-month increase. However, annually, activity remained down more than 25%.<\/p>\n<p style=\"text-align: justify;\">\u201cMomentum matters and sales weakness is eroding prices in various markets,\u201d says Yu.<\/p>\n<p style=\"text-align: justify;\">In the Lower Mainland, where much of BC\u2019s housing activity is concentrated, Central 1 projects home values will drop by a further 5% to 7%, with detached home prices leading the march downwards. In the smaller markets that dot the area outside the Lower Mainland, modest price gains are expected thanks to a solid provincial economy.<\/p>\n<p style=\"text-align: justify;\">\u201cMortgage stress test measures are less of a barrier due to lower price levels,\u201d says Yu, adding, \u201cRising interest rates will be a headwind.\u201d<\/p>\n<p style=\"text-align: justify;\">A recent report from Scotiabank stated that strong inflation and real estate figures would support the Bank of Canada pursuing more rate hikes.<\/p>\n<p style=\"text-align: justify;\">The Central 1 publication goes on to suggest the new-home market will have more of a negative impact on the economy than its resale counterpart.<\/p>\n<p style=\"text-align: justify;\">\u201cSlower sell-through of pre-sales will curtail housing starts, detracting from the contribution of construction to economic growth,\u201d Yu adds.<\/p>\n<p style=\"text-align: justify;\">Earlier this month, Central 1 warned that forthcoming completions may lead to inflated listings as pre-sale investors look to flip units purchased in previous years.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.livabl.com\/2018\/09\/bcs-resale-market-isnt-drag-economic-growth.html\" target=\"_blank\" rel=\"noopener\">The Good News : BC&#8217;s Resale Market Isn&#8217;t Drag for Economic Growth. The Bad News : The New-Home Market Will Be<\/a> by Josh Sherman | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It\u2019s been a rough year for BC\u2019s housing market as it faced a one-two punch from tighter mortgage regulations and higher interest rates, both of which have left many potential &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/10\/the-good-news-the-bad-news-of-bcs-housing-market\/\">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-10462","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Good News &amp; The Bad News of BC&#039;s Housing Market &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2018\/10\/the-good-news-the-bad-news-of-bcs-housing-market\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"The Good News &amp; 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