{"id":10574,"date":"2018-10-17T10:10:05","date_gmt":"2018-10-17T17:10:05","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=10574"},"modified":"2018-10-10T16:19:13","modified_gmt":"2018-10-10T23:19:13","slug":"how-low-can-vancouver-home-prices-go","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/10\/how-low-can-vancouver-home-prices-go\/","title":{"rendered":"How Low Can Vancouver Home Prices Go?"},"content":{"rendered":"<p style=\"text-align: justify;\">Vancouver home prices haven\u2019t hit bottom yet, not according to the latest forecast from a credit union based in BC and Ontario.<\/p>\n<p style=\"text-align: justify;\">\u201cHome values will continue to ease lower,\u201d writes Bryan Yu, deputy chief economist for Central 1 Credit Union, in a BC Economic Briefing.<\/p>\n<p style=\"text-align: justify;\">But how much lower, exactly? Yu expects to see the benchmark price of a home in Vancouver drop another 5% before the market stabilizes.<\/p>\n<p style=\"text-align: justify;\">Over the past three months, the benchmark price of a Metro Vancouver home, including both condos and houses, has fallen 3.1%, according to the Real Estate Board of Greater Vancouver. That put it at $1,070,600 as of the end of September.<\/p>\n<p style=\"text-align: justify;\">While sellers, particularly those in the higher-end detached market, may not welcome the prospect of a further depreciation in home values, buyers should get a leg up.<\/p>\n<p style=\"text-align: justify;\">\u201cBuyers will be able to negotiate better pricing terms in the market,\u201d says Yu, adding to his prediction.<\/p>\n<p style=\"text-align: justify;\">As sales activity has slowed \u2014 compared to September 2017, transactions were down 41% last month \u2014 listings have been piling up.<\/p>\n<p style=\"text-align: justify;\">This past month, 2,611 existing homes changed hands, making for the slowest September since 2012. Yu anticipates total sales this year will be down 25% from 2017\u2019s tally, with roughly the same level of activity expected in 2019.<\/p>\n<p style=\"text-align: justify;\">There is no one cause hampering activity, Yu suggests.<\/p>\n<p style=\"text-align: justify;\">Rather, he provides a list of several factors driving activity down: expanded stress testing for mortgage applicants, the already high cost of housing, and rising interest rates. \u201cA plethora of provincial policy measures have shunted buyers to the sidelines and given pause to those still able to purchase as prices erode,\u201d he notes.<\/p>\n<p><a href=\"https:\/\/www.livabl.com\/2018\/10\/vancouver-home-prices-economist-predicts-declines.html\" target=\"_blank\" rel=\"noopener\">How Low Can Vancouver Home Prices Go? An Economist Predicts More Declines<\/a> by Josh Sherman | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vancouver home prices haven\u2019t hit bottom yet, not according to the latest forecast from a credit union based in BC and Ontario. \u201cHome values will continue to ease lower,\u201d writes &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/10\/how-low-can-vancouver-home-prices-go\/\">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-10574","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>How Low Can Vancouver Home Prices Go? &#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\/how-low-can-vancouver-home-prices-go\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"How Low Can Vancouver Home Prices Go? 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