{"id":10930,"date":"2018-11-28T10:10:56","date_gmt":"2018-11-28T18:10:56","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=10930"},"modified":"2018-11-19T10:30:16","modified_gmt":"2018-11-19T18:30:16","slug":"what-happened-in-the-bc-housing-market","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/11\/what-happened-in-the-bc-housing-market\/","title":{"rendered":"What Happened in The BC Housing Market?"},"content":{"rendered":"<p style=\"text-align: justify;\">BC\u2019s housing market was balanced in October, as demand was subdued and listings remained elevated, a monthly update from the British Columbia Real Estate Association (BCREA) suggests.<\/p>\n<p style=\"text-align: justify;\">Throughout the province last month 6,405 homes changed hands, a year-over-year decline of 26.2 percent. Meantime, the average sale price in October across the 11 real estate boards BCREA works with was $690,161, an annual drop of 26.2 percent.<\/p>\n<p style=\"text-align: justify;\">\u201cThe BC housing market continued to grapple with tougher mortgage qualifications in October,\u201d explains Cameron Muir, chief economist at BCREA, in a news release. \u201cHowever, more moderate consumer demand has led to a much-needed increase in the supply of homes for sale,\u201d he adds.<\/p>\n<p style=\"text-align: justify;\">In fact, by the end of October, there were 36,195 residential units listed for sale in BC, up roughly 30 percent from a year earlier.<\/p>\n<p style=\"text-align: justify;\">The year-over-year rise in supply was most pronounced in Chilliwack, where listings surged 62.8 percent, followed by Fraser Valley, which saw listings surge 53.1 percent.<\/p>\n<p style=\"text-align: justify;\">Inventory in Fraser Valley recently caught the attention of Steve Saretsky, a Vancouver realtor and founder of Vancity Condo Guide. In a Vancity Condo Guide blog post this month he notes condo listings have leapt 153 percent over year-ago levels.<\/p>\n<p style=\"text-align: justify;\">There may be signs of relief ahead, and already BCREA says \u201cbalanced conditions prevail in the BC housing market.\u201d<\/p>\n<p style=\"text-align: justify;\">In a separate forecast published this month, BCREA anticipates the provincial market will show signs of recovery next year, with 2019 activity projected to exceed this year\u2019s estimated total of 80,000 transactions by 12 percent.<\/p>\n<p style=\"text-align: justify;\">\u201cDespite the drag from mortgage policy, strong performance of the BC economy continues to be highly supportive of housing demand,\u201d the BCREA 2018 Fourth Quarter Housing Forecast reads.<\/p>\n<p><a href=\"https:\/\/www.livabl.com\/2018\/11\/bc-housing-market-october-2018.html\" target=\"_blank\" rel=\"noopener\">Here&#8217;s What Happened in The BC Housing Market in October<\/a> by Josh Sherman | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>BC\u2019s housing market was balanced in October, as demand was subdued and listings remained elevated, a monthly update from the British Columbia Real Estate Association (BCREA) suggests. Throughout the province &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/11\/what-happened-in-the-bc-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-10930","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What Happened in The BC 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\/11\/what-happened-in-the-bc-housing-market\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"What Happened in The BC Housing Market? &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"BC\u2019s housing market was balanced in October, as demand was subdued and listings remained elevated, a monthly update from the British Columbia Real Estate Association (BCREA) suggests. 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