{"id":11762,"date":"2019-02-21T07:55:53","date_gmt":"2019-02-21T15:55:53","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=11762"},"modified":"2019-02-21T07:49:01","modified_gmt":"2019-02-21T15:49:01","slug":"province-not-stabilizing-housing-market-the-right-way","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/02\/province-not-stabilizing-housing-market-the-right-way\/","title":{"rendered":"Province Not Stabilizing Housing Market The Right Way"},"content":{"rendered":"<p style=\"text-align: justify;\">BC\u2019s housing market is moderating and moving in the right direction, according to finance minister Carole James.<\/p>\n<p style=\"text-align: justify;\">\u201cIt\u2019s what we are looking for. We are continuing to monitor it.\u201d<\/p>\n<p style=\"text-align: justify;\">The correction in the market is not over, she said Tuesday.<\/p>\n<p style=\"text-align: justify;\">BC committed in its 2018 budget to seeing 114,000 new affordable homes constructed within its 10-year housing plan, valued at $7 billion.<\/p>\n<p style=\"text-align: justify;\">A generation of young people has been left to believe that it would never be able to afford a home or raise a family here, she said.<\/p>\n<p style=\"text-align: justify;\">While BC is \u201cstarting to see moderation in the market,\u201d James said, \u201cI don\u2019t think we are at a stage where we can say that housing is affordable.\u201d<\/p>\n<p style=\"text-align: justify;\">The best thing the province could do to stabilize the housing market would be to work with local governments to find ways to encourage builders to continue building even during slow periods, said Cameron Muir, the BC Real Estate Association\u2019s chief economist.<\/p>\n<p style=\"text-align: justify;\">Muir said that James\u2019 reference to moderation is an \u201cinteresting word\u201d given the dramatic drop in sales in BC that he calls a \u201cpretty significant downturn in consumer demand.\u201d<\/p>\n<p style=\"text-align: justify;\">The number of real estate sales slid by 24.5% in BC last year compared with 2017.<\/p>\n<p style=\"text-align: justify;\">His recommendation for closer co-operation between the province and local governments is aimed at smoothing out historic oscillations in the real estate market to keep housing starts steady.<\/p>\n<p style=\"text-align: justify;\">\u201cWe know when we have strong demand and very little supply, home prices accelerate.\u201d<\/p>\n<p style=\"text-align: justify;\">Muir recommends finding ways to speed up the development process. In the Lower Mainland, for example, it takes about five years from conception to complete a condominium tower.<\/p>\n<p style=\"text-align: justify;\">Rapidly rising prices reflect the inability of builders to supply the market in a timely way, Muir said. \u201cWhen we have several years from conception to completion of a housing project, it is very difficult for builders to time markets because demand oscillates quite wildly.\u201d<\/p>\n<p style=\"text-align: justify;\">The federal government brought in a stress test to ensure people would not lose their homes if loan costs went up. This move and rising interest rates have seen some potential homeowners losing up to 25% of their purchasing power, Muir said.<\/p>\n<p style=\"text-align: justify;\">\u201cAnd when you pull that much purchasing power away and make housing that unaffordable, it\u2019s not a surprise that you see a big decline in a consumer demand.\u201d<\/p>\n<p style=\"text-align: justify;\">Muir said that new home construction is expected to slow considerably. \u201cThat is exactly the wrong thing you need in order to keep housing affordable.\u201d<\/p>\n<p style=\"text-align: justify;\">Jill Atkey, chief executive of the BC Non-Profit Housing Association, is pleased with the new budget.<\/p>\n<p style=\"text-align: justify;\">\u201cWe were very much looking for the government to stay the course with the housing investments that they made last year and they have done exactly that.\u201d<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/biv.com\/article\/2019\/02\/province-not-stabilizing-housing-market-right-way-bcrea\">BCREA : Province Not Stabilizing Housing Market The Right Way<\/a> by Carla Wilson | Times Colonist | Business in Vancouver<\/p>\n","protected":false},"excerpt":{"rendered":"<p>BC\u2019s housing market is moderating and moving in the right direction, according to finance minister Carole James. \u201cIt\u2019s what we are looking for. We are continuing to monitor it.\u201d The &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/02\/province-not-stabilizing-housing-market-the-right-way\/\">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-11762","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Province Not Stabilizing Housing Market The Right Way &#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\/02\/province-not-stabilizing-housing-market-the-right-way\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Province Not Stabilizing Housing Market The Right Way &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"BC\u2019s housing market is moderating and moving in the right direction, according to finance minister Carole James. \u201cIt\u2019s what we are looking for. 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