{"id":10827,"date":"2018-11-15T10:10:23","date_gmt":"2018-11-15T18:10:23","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=10827"},"modified":"2018-11-08T11:58:08","modified_gmt":"2018-11-08T19:58:08","slug":"bcrea-forecasts-home-sales-to-fall-23-by-end-of-2018-but-eventually-pick-up-again-next-year","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/11\/bcrea-forecasts-home-sales-to-fall-23-by-end-of-2018-but-eventually-pick-up-again-next-year\/","title":{"rendered":"BCREA Forecasts Home Sales to Fall 23% by End of 2018 but Eventually Pick-Up Again Next Year"},"content":{"rendered":"<p style=\"text-align: justify;\">BC home sales are forecast the plummet 23% by the end of 2018 compared with the previous year, according to a new report from the BC Real Estate Association (BCREA).<\/p>\n<p style=\"text-align: justify;\">The BCREA\u2019s fourth-quarter outlook pegs Multiple Listing Service (MLS) sales at 80,000 units for the year, down from 103,768 units in 2017.<\/p>\n<p style=\"text-align: justify;\">The BCREA pointed to the new stress test introduced by Ottawa in January as the main culprit behind the decline.<\/p>\n<p style=\"text-align: justify;\">\u201cIts 200 basis point increase in the qualifying rate was a shock to housing markets and its impact was especially pronounced in affordability-strapped Metro Vancouver,\u201d the report stated.<\/p>\n<p style=\"text-align: justify;\">\u201cWhile the downturn appears largely over, housing demand may trend near its current level for several quarters before exhibiting a noticeable recovery.\u201d<\/p>\n<p style=\"text-align: justify;\">The BCREA forecasts that the province will see sales grow 12% to 89,500 units by the end of 2019.<\/p>\n<p style=\"text-align: justify;\">Meanwhile, it estimates 24,000 housing starts in Metro Vancouver in 2018-19, boosting housing stock and lessening upward pressure on house prices.<\/p>\n<p style=\"text-align: justify;\">The MLS average price is expected to grow 2.9% next year in Metro Vancouver to $1,080,000.<\/p>\n<p style=\"text-align: justify;\">The Canada Mortgage and Housing Corporation (CMHC) released its own forecast for 2019 and 2020 on November 6, telling British Columbians they should expect housing starts and MLS sales to moderate.<\/p>\n<p style=\"text-align: justify;\">\u201cOver the next two years, Metro Vancouver&#8217;s resale market will see lower sales, higher inventories of homes for sale and lower home prices compared with recent market highs,\u201d the CMHC stated.<\/p>\n<p><a href=\"https:\/\/biv.com\/article\/2018\/11\/bc-home-sales-forecast-fall-23-end-2018\" target=\"_blank\" rel=\"noopener\">BC Home Sales Forecast to Fall 23% by End of 2018<\/a> by Tyler Orton | Business in Vancouver<\/p>\n","protected":false},"excerpt":{"rendered":"<p>BC home sales are forecast the plummet 23% by the end of 2018 compared with the previous year, according to a new report from the BC Real Estate Association (BCREA). &hellip; 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