{"id":10692,"date":"2018-10-31T10:10:31","date_gmt":"2018-10-31T17:10:31","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=10692"},"modified":"2018-10-23T16:41:35","modified_gmt":"2018-10-23T23:41:35","slug":"home-values-are-expected-to-decrease-in-metro-vancouver-area","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/10\/home-values-are-expected-to-decrease-in-metro-vancouver-area\/","title":{"rendered":"Home Values are Expected to Decrease in Metro Vancouver Area"},"content":{"rendered":"<p style=\"text-align: justify;\">The worst may be over in terms of plummeting resale activity in BC, but the provincial housing market isn\u2019t exactly ripe for recovery, suggests a report from Central 1 Credit Union.<\/p>\n<p style=\"text-align: justify;\">\u201cActivity has stabilized since June and is trending at a level last observed in 2014,\u201d explains Bryan Yu, Central 1\u2019s deputy chief economist, in the credit union\u2019s latest BC Economic Briefing.<\/p>\n<p style=\"text-align: justify;\">In total, 5,580 homes changed hands throughout BC this September, down 33% from last year, according to the British Columbia Real Estate Association. The total number of transactions recorded over the first three quarters of the year was off by 22% when compared to the same period last year.<\/p>\n<p style=\"text-align: justify;\">\u00a0\u00a0\u00a0\u00a0 <a href=\"https:\/\/www.roryc.ca\/blog\/?attachment_id=10693\" rel=\"attachment wp-att-10693\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-10693\" src=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2018\/10\/BC-home-sales-activity-288x217.jpg\" alt=\"\" width=\"545\" height=\"411\" srcset=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2018\/10\/BC-home-sales-activity-288x217.jpg 288w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2018\/10\/BC-home-sales-activity.jpg 586w\" sizes=\"auto, (max-width: 545px) 100vw, 545px\" \/><\/a><\/p>\n<p>However, on a seasonally adjusted basis, activity was \u201cvirtually unchanged\u201d compared to August, notes Yu. But for more than one reason, the housing market will face a number of headwinds, keeping activity in check. \u201cSubdued market conditions will continue as federal and provincial policies couple with rising interest rates to limit demand,\u201d Yu outlines.<\/p>\n<p style=\"text-align: justify;\">On the federal policy front, Yu says \u201cthe initial shock\u201d to the market caused by B-20 lending guidelines introduced at the start of the year is over. But the regulations \u201chave permanently lowered sales, particularly in higher-priced urban markets like Vancouver.\u201d<\/p>\n<p style=\"text-align: justify;\">The guidelines from the Office of the Superintendent of Financial Institutions, an independent government watchdog and regulator, expanded stress testing to uninsured mortgages. Previously, borrowers could sidestep the stress testing by putting forward a downpayment of 20% or more.<\/p>\n<p style=\"text-align: justify;\">\u201cProspective homeowners, especially entry-level buyers, are less likely to able to bridge the drop in purchasing power caused by the higher mortgage qualification rates,\u201d Yu adds.<\/p>\n<p style=\"text-align: justify;\">Other hurdles for the market include the increased foreign-homebuyer tax and the forthcoming speculation tax for Metro Vancouver and a number of its environs. Announced earlier this year, BC\u2019s NDP government last week tabled legislation for the speculation levy.<\/p>\n<p style=\"text-align: justify;\">\u201cHome values are expected to decrease, particularly in the Metro Vancouver area,\u201d says Yu referring to fallout from policy moves and higher interest rates.<\/p>\n<p><a href=\"https:\/\/www.livabl.com\/2018\/10\/bc-home-sales-found-bottom.html\" target=\"_blank\" rel=\"noopener\">BC Home Sales May Have Finally Found Bottom &#8211; Just Don&#8217;t Get Too Excited<\/a> by Josh Sherman | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The worst may be over in terms of plummeting resale activity in BC, but the provincial housing market isn\u2019t exactly ripe for recovery, suggests a report from Central 1 Credit &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/10\/home-values-are-expected-to-decrease-in-metro-vancouver-area\/\">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-10692","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>Home Values are Expected to Decrease in Metro Vancouver Area &#8226; 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