{"id":10589,"date":"2018-10-18T10:10:33","date_gmt":"2018-10-18T17:10:33","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=10589"},"modified":"2018-10-11T16:42:31","modified_gmt":"2018-10-11T23:42:31","slug":"bc-residential-forecast-still-bullish-despite-dismal-september-home-sales","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/10\/bc-residential-forecast-still-bullish-despite-dismal-september-home-sales\/","title":{"rendered":"BC Residential Forecast Still Bullish Despite Dismal Home Sales"},"content":{"rendered":"<p style=\"text-align: justify;\">Despite BC home sales taking a nosedive in September, the British Columbia Real Estate Association (BCREA) stands by a previous assertion that the \u201cdownturn is largely behind us\u201d and that market activity is expected to pick up.<\/p>\n<p style=\"text-align: justify;\">According to BCREA stats released October 11, actual home sales across BC totalled 5,573 units in September, which is one-third lower than the sales in September 2017 and a plunge of 17.3% in the single month since August.<\/p>\n<p style=\"text-align: justify;\">The average September home sale price in the province was 1.1% lower than the same month last year, at $685,749. This brought total sales dollar volume in September down to $3.8 billion, which is down 34% year over year.<\/p>\n<p style=\"text-align: justify;\">Every one of the 12 boards cited in the BCREA\u2019s report saw actual residential sales drop compared with one year ago. These ranged from declines of close to 50% in Chilliwack and the South Okanagan, through Greater Vancouver\u2019s decline of 43.3% and Victoria\u2019s 16.7%, to a relatively modest dip in BC Northern at 9.5%, with the smallest drop of 5.4% in the small but robust market of Powell River.<\/p>\n<p style=\"text-align: justify;\">\u00a0\u00a0\u00a0\u00a0 <a href=\"https:\/\/www.roryc.ca\/blog\/2018\/10\/bcrea-home-sales-continue-at-slower-pace-in-september\/bcrea-40\/\" rel=\"attachment wp-att-10580\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-10580\" src=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2018\/10\/bcrea-288x216.gif\" alt=\"\" width=\"555\" height=\"416\" \/><\/a><\/p>\n<p>\u201cIf you look at the seasonally adjusted trend chart, you\u2019ll see that the downturn \u2013 that sharp decline since January \u2013 is largely behind us and we\u2019re now levelled off, albeit at a much lower level than a year ago,\u201d Cameron Muir, BCREA chief econominst, said in an interview. \u201dThat\u2019s because of the stress test and, to a smaller degree, rising interest rates that have pulled a lot of demand out of the market, especially in Greater Vancouver.<\/p>\n<p style=\"text-align: justify;\">\u201cHowever, in some other parts of the BC market, sales are trending up on a seasonally adjusted basis, such as in Victoria, for example. Overall, the downturn, the slope of that chart, is largely over.\u201d<\/p>\n<p style=\"text-align: justify;\">Muir remained confident that the province&#8217;s monthly sales trends, although they may fluctuate somewhat, will edge upwards over the next six months \u2013 with some caveats.<\/p>\n<p style=\"text-align: justify;\">\u201cMy expectation is for sales over the next couple of quarters to trend higher, as long as the B.C. economy stays where it is. All our models are pointing in that direction. In the meantime, we could see some choppiness at this lower boundary of the market. I don\u2019t expect sales to rise to the levels we saw at the end of 2017, but we expect activity to rise. It looks like we\u2019re in the trough of the chart.<\/p>\n<p style=\"text-align: justify;\">\u201cHowever, there are risks to the market \u2013 especially if we see interest rates rise higher than expected, which could pull out some additional demand from the market\u2026 We do expect that with the strong economy, long-term bond yields and therefore five-year fixed rates may edge upwards, along with a rise to the prime rate,\u201d he added.<\/p>\n<p><a href=\"https:\/\/biv.com\/article\/2018\/10\/bc-residential-forecast-still-bullish-despite-dismal-september-home-sales\" target=\"_blank\" rel=\"noopener\">BC Residential Forecast Still Bullish, Despite Dismal September Home Sales<\/a> by Joannah Connolly | Glacier Media Real Estate | Business in Vancouver<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Despite BC home sales taking a nosedive in September, the British Columbia Real Estate Association (BCREA) stands by a previous assertion that the \u201cdownturn is largely behind us\u201d and that &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/10\/bc-residential-forecast-still-bullish-despite-dismal-september-home-sales\/\">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-10589","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>BC Residential Forecast Still Bullish Despite Dismal Home Sales &#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\/bc-residential-forecast-still-bullish-despite-dismal-september-home-sales\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BC Residential Forecast Still Bullish Despite Dismal Home Sales &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Despite BC home sales taking a nosedive in September, the British Columbia Real Estate Association (BCREA) stands by a previous assertion that the \u201cdownturn is largely behind us\u201d and that &hellip; [read more]\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2018\/10\/bcrea.gif\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/10\\\/bc-residential-forecast-still-bullish-despite-dismal-september-home-sales\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/10\\\/bc-residential-forecast-still-bullish-despite-dismal-september-home-sales\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"BC Residential Forecast Still Bullish Despite Dismal Home Sales\",\"datePublished\":\"2018-10-18T17:10:33+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/10\\\/bc-residential-forecast-still-bullish-despite-dismal-september-home-sales\\\/\"},\"wordCount\":478,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"image\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/10\\\/bc-residential-forecast-still-bullish-despite-dismal-september-home-sales\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2018\\\/10\\\/bcrea-288x216.gif\",\"articleSection\":[\"Market Updates\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/10\\\/bc-residential-forecast-still-bullish-despite-dismal-september-home-sales\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/10\\\/bc-residential-forecast-still-bullish-despite-dismal-september-home-sales\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/10\\\/bc-residential-forecast-still-bullish-despite-dismal-september-home-sales\\\/\",\"name\":\"BC Residential Forecast Still Bullish Despite Dismal Home Sales &#8226; 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