{"id":11161,"date":"2018-12-24T10:10:34","date_gmt":"2018-12-24T18:10:34","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=11161"},"modified":"2018-12-15T15:19:22","modified_gmt":"2018-12-15T23:19:22","slug":"no-major-residential-price-drops-for-metro-vancouver-bc-in-2019","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/12\/no-major-residential-price-drops-for-metro-vancouver-bc-in-2019\/","title":{"rendered":"No Major Residential Price Drops for Metro Vancouver &#038; BC in 2019"},"content":{"rendered":"<p style=\"text-align: justify;\">The Metro Vancouver housing market may look to many like it is heading for a major correction, but two separate brokerage forecasts, both published December 11, assert that this is not the case.<\/p>\n<p style=\"text-align: justify;\">The Royal LePage Market Survey Forecast predicted that the median aggregate resale price of a home in Greater Vancouver would remain fairly level next year, rising a modest 0.6% in 2019 compared with 2018, to $1,291,144.<\/p>\n<p style=\"text-align: justify;\">The national real estate brokerage reported, \u201cWhile British Columbia\u2019s economy is expected to perform well in the new year, federal and provincial government intervention, low affordability and rising interest rates will continue to weigh on home prices.\u201d<\/p>\n<p style=\"text-align: justify;\">Randy Ryalls, broker and manager of Royal LePage Sterling Realty, elaborated on this point. \u201cThe [mortgage] stress test, coupled with provincial tax policies, will continue to affect the real estate market in 2019. The possibility of rising interest rates will also keep some potential buyers on the sidelines as they wait to see how higher rates impact the market. For potential buyers whose purchasing ability is not limited through mortgage regulation or financing, the buying opportunities in Vancouver are excellent.\u201d<\/p>\n<p style=\"text-align: justify;\">Ryalls added that the region\u2019s \u201chealthy economy, excellent lifestyle and beautiful natural surroundings will continue to support the real estate market in the long-term.\u201d<\/p>\n<p style=\"text-align: justify;\"><strong>Slight Price Declines<\/strong><\/p>\n<p style=\"text-align: justify;\">The RE\/MAX 2019 Housing Market Outlook was a little less bullish, predicting that Metro Vancouver\u2019s average home sale price would see a drop of 3% in 2019 compared with this year, due to the \u201clow absorption rate.\u201d This, said the brokerage, will follow a slight increase in the average home sale price across 2018 of 2%, compared with 2017, to $1,049,362. A subsequent 3% decline in 2019 would take that average price down to $1,017,881, which is slightly lower than 2017\u2019s average price but still well above 2016 prices.<\/p>\n<p style=\"text-align: justify;\">RE\/MAX also looked at Kelowna\u2019s real estate market, and predicted that, following a 6% annual increase in average prices in 2018, home values would shed half those gains in 2019. The brokerage predicted a drop of 3% next year to take the average price just under the $700K mark, but still more than $20K above 2017\u2019s average.<\/p>\n<p style=\"text-align: justify;\">Any such average price drops are unlikely to make homes more affordable to most buyers, with interest rates rising and the stress test reducing purchasing power. \u201cThe drop in sales in key markets across British Columbia can be partially attributed to Canadians&#8217; increasing difficulty in getting an affordable mortgage in the region,\u201d said Elton Ash, regional executive vice-president, RE\/MAX Western Canada. \u201cThe situation created by the introduction of the mortgage stress test this year, as well as continually increasing interest rates, means more Canadians will be priced out of the market.\u201d<\/p>\n<p style=\"text-align: justify;\"><strong>National Picture Hints at Modest Rises<\/strong><\/p>\n<p style=\"text-align: justify;\">RE\/MAX said that, nationwide, it expected to see a \u201cmodest increase\u201d in the average residential resale price next year of 1.7% compared with 2018. However, it added that some \u201coutlier\u201d cities have seen significant price gains in 2018 \u2013 including Chilliwack, BC, up 13% this year \u2013 and may continue to buck the national trend.<\/p>\n<p style=\"text-align: justify;\">Its report said, \u201cIt is anticipated that the market will continue to stabilize, as Canadians will start to feel the pinch of higher interest rates as they move forward with their home-buying plans in 2019 &#8230;.. A survey of RE\/MAX brokers and agents found 83% predict rising interest rates will make it more difficult for Canadians to purchase a home next year.\u201d<\/p>\n<p style=\"text-align: justify;\">Royal LePage offered a similar national forecast for 2019, predicting annual gains in the median price of a Canadian home of 1.2%, to $638,257.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/biv.com\/article\/2018\/12\/no-major-residential-price-drops-metro-vancouver-and-bc-next-year-forecasts\">Forecasts : No Major Residential Price Drops for Metro Vancouver &amp; BC Next Year<\/a> by Joannah Connolly | Glacier Media Real Estate | Business in Vancouver<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Metro Vancouver housing market may look to many like it is heading for a major correction, but two separate brokerage forecasts, both published December 11, assert that this is &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/12\/no-major-residential-price-drops-for-metro-vancouver-bc-in-2019\/\">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-11161","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>No Major Residential Price Drops for Metro Vancouver &amp; 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