{"id":11807,"date":"2019-02-25T10:10:34","date_gmt":"2019-02-25T18:10:34","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=11807"},"modified":"2019-02-25T08:51:17","modified_gmt":"2019-02-25T16:51:17","slug":"bcrea-1st-q-housing-forecast-update-housing-market-adjusts-to-mortgage-stress-test","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/02\/bcrea-1st-q-housing-forecast-update-housing-market-adjusts-to-mortgage-stress-test\/","title":{"rendered":"BCREA 1st-Q Housing Forecast Update &#8211; Housing Market Adjusts to Mortgage Stress Test"},"content":{"rendered":"<p style=\"text-align: justify;\">Vancouver, BC \u2013 February 25, 2019. The British Columbia Real Estate Association (BCREA) released its 2019 First Quarter Housing Forecast Update today.<\/p>\n<p>\u00a0\u00a0\u00a0 <a href=\"https:\/\/www.roryc.ca\/blog\/?attachment_id=11808\" rel=\"attachment wp-att-11808\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-11808\" src=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/02\/BCREA-288x216.gif\" alt=\"\" width=\"577\" height=\"433\" \/><\/a><\/p>\n<p style=\"text-align: justify;\">Multiple Listing Service\u00ae (MLS\u00ae) residential sales in the province are forecast to increase 2% to 80,000 units this year, after recording 78,345 residential sales in 2018. MLS\u00ae residential sales are forecast to increase a further 6.9% to 85,500 units in 2020. The 10-year average for MLS\u00ae residential sales in the province is 85,800 units.<\/p>\n<p style=\"text-align: justify;\">\u201cThe negative shock to affordability and purchasing power created by the B20 stress test on mortgage borrowers is expected to continue constraining housing demand in the province this year,\u201d said Cameron Muir, BCREA Chief Economist. \u201cFavourable demographics along with continuing strong performance of the BC economy is expected to underpin housing demand over the next two years.\u201d<\/p>\n<p style=\"text-align: justify;\">The policy-induced demand shock has contributed to an increase of the inventory of homes for sale in most regions of the province. As a result, market conditions are expected to provide little upward pressure on home prices this year, with the average annual residential price forecast to remain essentially unchanged, albeit up 0.5% to $716,100. Modest improvement in consumer demand is expected to unfold over the next two years as households further adjust to the mortgage stress test.<\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/www.bcrea.bc.ca\/docs\/economics-forecasts-and-presentations\/housingforecast_.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">Click here<\/a> to view the full BCREA housing forecast.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vancouver, BC \u2013 February 25, 2019. The British Columbia Real Estate Association (BCREA) released its 2019 First Quarter Housing Forecast Update today. \u00a0\u00a0\u00a0 Multiple Listing Service\u00ae (MLS\u00ae) residential sales in &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/02\/bcrea-1st-q-housing-forecast-update-housing-market-adjusts-to-mortgage-stress-test\/\">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-11807","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>BCREA 1st-Q Housing Forecast Update - Housing Market Adjusts to Mortgage Stress Test &#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\/bcrea-1st-q-housing-forecast-update-housing-market-adjusts-to-mortgage-stress-test\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BCREA 1st-Q Housing Forecast Update - Housing Market Adjusts to Mortgage Stress Test &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Vancouver, BC \u2013 February 25, 2019. 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