{"id":11342,"date":"2019-01-09T10:10:18","date_gmt":"2019-01-09T18:10:18","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=11342"},"modified":"2018-12-31T16:40:49","modified_gmt":"2019-01-01T00:40:49","slug":"housing-market-expected-to-remain-cool-in-2019","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/01\/housing-market-expected-to-remain-cool-in-2019\/","title":{"rendered":"Housing Market Expected to Remain Cool in 2019"},"content":{"rendered":"<p style=\"text-align: justify;\">Market watchers say 2019 could be the year to buy a house or condo for less in BC, thanks to increased supply and regulatory measures that have combined to suppress home sales.<\/p>\n<p style=\"text-align: justify;\">In early December the Real Estate Board of Greater Vancouver reported a nearly 43% decrease in sales of condos, townhouse and detached homes in November, compared to the same month a year before.<\/p>\n<p style=\"text-align: justify;\">It says the benchmark price \u2014 the average price for a typical home \u2014 is $1.5 million for a detached house, $818,500 for a townhouse and $667,800 for a condo.<\/p>\n<p style=\"text-align: justify;\">Those prices are between four and seven per cent lower than they were six months ago, according to the board.<\/p>\n<p style=\"text-align: justify;\">&#8220;My guess is 2019 will not be a banner year for sales in Greater Vancouver and I expect further price declines,&#8221; said Tom Davidoff, an associate professor at UBC&#8217;s Sauder School of Business.<\/p>\n<p style=\"text-align: justify;\">&#8220;But I also have a lot of uncertainty around that because a lot can happen in the market.&#8221;<\/p>\n<p style=\"text-align: justify;\">Some economists point to more stringent mortgage qualifying requirements and higher interest rates as some of the driving forces behind the downward turn.<\/p>\n<p style=\"text-align: justify;\">Davidoff adds more inventory to that list, due to slumping sales and also because more construction projects are being completed.<\/p>\n<p style=\"text-align: justify;\"><strong>New Taxes<\/strong><\/p>\n<p style=\"text-align: justify;\">Four regulatory taxes, meant to make housing more affordable, are also having an impact, he said.<\/p>\n<p style=\"text-align: justify;\">First of all the province increased its foreign buyers tax, which was introduced in 2016, from 15% to 20%. It also expanded the tax to include Nanaimo, Victoria, the Fraser Valley and the Central Okanagan.<\/p>\n<p style=\"text-align: justify;\">After its first year in place, an empty homes tax has created $38 million in total revenue for the City of Vancouver. The program is meant to return empty or under-utilized properties to the rental market while revenue generated by the tax is required to be used for affordable housing projects.<\/p>\n<p style=\"text-align: justify;\">In October, the provincial government introduced legislation for a speculation tax on vacant or under-utilized properties in several regions. The tax is for homeowners who don&#8217;t live at the property or rent it out and is set between 0.5% and 2%.<\/p>\n<p style=\"text-align: justify;\">Finally, in 2019 the province will implement its controversial school tax, which is an additional 0.2% on the value a home worth $3 million or more, or 0.4% for a home more than $4 million.<\/p>\n<p style=\"text-align: justify;\"><strong>&#8220;Pressure to Add Density&#8221;<\/strong><\/p>\n<p style=\"text-align: justify;\">Davidoff says the taxes, particularly those targeting properties worth the most, could make single-family homes the most difficult sell in 2019 and force a change in housing policy in cities like Vancouver.<\/p>\n<p style=\"text-align: justify;\">&#8220;There may be additional pressure to add density in single-family neighbourhoods,&#8221; he said. &#8220;That would certainly be a helpful thing because single-family is not an affordable product here and it won&#8217;t be even if the market continues to struggle.&#8221;<\/p>\n<p style=\"text-align: justify;\">Homeowners will begin seeing valuation assessments in January, but BC Assessment has already said that the softening market has lowered some valuations in Metro Vancouver.<\/p>\n<p style=\"text-align: justify;\">That&#8217;s not the case in other markets, however. Homeowners in the rest of the province can expect increases of 5% to 15% for assessed values of single-family homes.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.cbc.ca\/news\/canada\/british-columbia\/bc-real-estate-2019-forecast-1.4953520?\">After A Taxing Year for Real Estate, Housing Market Expected to Remain Cool in 2019<\/a> by Chad Pawson | CBC News<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Market watchers say 2019 could be the year to buy a house or condo for less in BC, thanks to increased supply and regulatory measures that have combined to suppress &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/01\/housing-market-expected-to-remain-cool-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-11342","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>Housing Market Expected to Remain Cool in 2019 &#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\/2019\/01\/housing-market-expected-to-remain-cool-in-2019\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Housing Market Expected to Remain Cool in 2019 &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Market watchers say 2019 could be the year to buy a house or condo for less in BC, thanks to increased supply and regulatory measures that have combined to suppress &hellip; [read more]\" \/>\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=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/01\\\/housing-market-expected-to-remain-cool-in-2019\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/01\\\/housing-market-expected-to-remain-cool-in-2019\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"Housing Market Expected to Remain Cool in 2019\",\"datePublished\":\"2019-01-09T18:10:18+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/01\\\/housing-market-expected-to-remain-cool-in-2019\\\/\"},\"wordCount\":525,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"articleSection\":[\"Market Updates\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/01\\\/housing-market-expected-to-remain-cool-in-2019\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/01\\\/housing-market-expected-to-remain-cool-in-2019\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/01\\\/housing-market-expected-to-remain-cool-in-2019\\\/\",\"name\":\"Housing Market Expected to Remain Cool in 2019 &#8226; Rory C Real Estate | Oakwyn Realty\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\"},\"datePublished\":\"2019-01-09T18:10:18+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/01\\\/housing-market-expected-to-remain-cool-in-2019\\\/#breadcrumb\"},\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/01\\\/housing-market-expected-to-remain-cool-in-2019\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/01\\\/housing-market-expected-to-remain-cool-in-2019\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Housing Market Expected to Remain Cool in 2019\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\",\"name\":\"Rory C Real Estate | Oakwyn Realty\",\"description\":\"Rory C Real Estate Updates | Home Selling &amp; Buying\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-CA\"},{\"@type\":[\"Person\",\"Organization\"],\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\",\"name\":\"Rory Clipsham\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-CA\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"contentUrl\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"width\":504,\"height\":504,\"caption\":\"Rory Clipsham\"},\"logo\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\"},\"sameAs\":[\"http:\\\/\\\/www.roryc.ca\\\/\",\"https:\\\/\\\/www.facebook.com\\\/pg\\\/BurnabyandCoquitlamHomes\\\/about\\\/?ref=page_internal\",\"https:\\\/\\\/www.instagram.com\\\/roryclipshamhomes\\\/\",\"https:\\\/\\\/x.com\\\/RoryClipsham\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Housing Market Expected to Remain Cool in 2019 &#8226; Rory C Real Estate | Oakwyn Realty","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.roryc.ca\/blog\/2019\/01\/housing-market-expected-to-remain-cool-in-2019\/","twitter_card":"summary_large_image","twitter_title":"Housing Market Expected to Remain Cool in 2019 &#8226; Rory C Real Estate | Oakwyn Realty","twitter_description":"Market watchers say 2019 could be the year to buy a house or condo for less in BC, thanks to increased supply and regulatory measures that have combined to suppress &hellip; [read more]","twitter_creator":"@RoryClipsham","twitter_site":"@RoryClipsham","twitter_misc":{"Written by":"Rory Clipsham","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.roryc.ca\/blog\/2019\/01\/housing-market-expected-to-remain-cool-in-2019\/#article","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/2019\/01\/housing-market-expected-to-remain-cool-in-2019\/"},"author":{"name":"Rory Clipsham","@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"headline":"Housing Market Expected to Remain Cool in 2019","datePublished":"2019-01-09T18:10:18+00:00","mainEntityOfPage":{"@id":"https:\/\/www.roryc.ca\/blog\/2019\/01\/housing-market-expected-to-remain-cool-in-2019\/"},"wordCount":525,"commentCount":0,"publisher":{"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"articleSection":["Market Updates"],"inLanguage":"en-CA","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.roryc.ca\/blog\/2019\/01\/housing-market-expected-to-remain-cool-in-2019\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.roryc.ca\/blog\/2019\/01\/housing-market-expected-to-remain-cool-in-2019\/","url":"https:\/\/www.roryc.ca\/blog\/2019\/01\/housing-market-expected-to-remain-cool-in-2019\/","name":"Housing Market Expected to Remain Cool in 2019 &#8226; Rory C Real Estate | Oakwyn Realty","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/#website"},"datePublished":"2019-01-09T18:10:18+00:00","breadcrumb":{"@id":"https:\/\/www.roryc.ca\/blog\/2019\/01\/housing-market-expected-to-remain-cool-in-2019\/#breadcrumb"},"inLanguage":"en-CA","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.roryc.ca\/blog\/2019\/01\/housing-market-expected-to-remain-cool-in-2019\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.roryc.ca\/blog\/2019\/01\/housing-market-expected-to-remain-cool-in-2019\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.roryc.ca\/blog\/"},{"@type":"ListItem","position":2,"name":"Housing Market Expected to Remain Cool in 2019"}]},{"@type":"WebSite","@id":"https:\/\/www.roryc.ca\/blog\/#website","url":"https:\/\/www.roryc.ca\/blog\/","name":"Rory C Real Estate | Oakwyn Realty","description":"Rory C Real Estate Updates | Home Selling &amp; Buying","publisher":{"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.roryc.ca\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-CA"},{"@type":["Person","Organization"],"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7","name":"Rory Clipsham","image":{"@type":"ImageObject","inLanguage":"en-CA","@id":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","url":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","contentUrl":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","width":504,"height":504,"caption":"Rory Clipsham"},"logo":{"@id":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg"},"sameAs":["http:\/\/www.roryc.ca\/","https:\/\/www.facebook.com\/pg\/BurnabyandCoquitlamHomes\/about\/?ref=page_internal","https:\/\/www.instagram.com\/roryclipshamhomes\/","https:\/\/x.com\/RoryClipsham"]}]}},"_links":{"self":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/11342","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/comments?post=11342"}],"version-history":[{"count":1,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/11342\/revisions"}],"predecessor-version":[{"id":11343,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/11342\/revisions\/11343"}],"wp:attachment":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/media?parent=11342"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/categories?post=11342"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/tags?post=11342"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}