{"id":12009,"date":"2019-03-27T10:10:52","date_gmt":"2019-03-27T17:10:52","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=12009"},"modified":"2019-03-14T12:07:51","modified_gmt":"2019-03-14T19:07:51","slug":"bc-home-sales-to-recover-midway-through-2019","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/03\/bc-home-sales-to-recover-midway-through-2019\/","title":{"rendered":"BC Home Sales to Recover Midway Through 2019"},"content":{"rendered":"<p style=\"text-align: justify;\">Lower BC home prices will bring some buyers off the sidelines by the midway point of this year, but discounted properties won\u2019t be enough to bring market activity anywhere near previous peaks for years.<\/p>\n<p style=\"text-align: justify;\">That\u2019s according to a forecast from Canadian credit union Central 1 included in its new BC Economic Outlook 2019\u20132021.<\/p>\n<p style=\"text-align: justify;\">\u201cWe will see people trying to jump back into the market, but it\u2019s not going to be a big rebound in my view,\u201d Bryan Yu, Central 1\u2019s deputy chief economist and author of the report, tells Livabl.<\/p>\n<p style=\"text-align: justify;\">In fact, given the slow start to the year, Yu anticipates home sales this year to clock in at around 2018\u2019s total of 78,345 residential units, which was down 24.5 percent from the year before.<\/p>\n<p style=\"text-align: justify;\">\u201cI think we\u2019re going to be very close to what we saw in 2018 unless there is a significant change in policy,\u201d explains Yu.<\/p>\n<p style=\"text-align: justify;\">Extending the maximum amortization period for uninsured mortgages or letting first-time buyers draw more from their Registered Retirement Savings Plans could result in an upwardly revised forecast.<\/p>\n<p style=\"text-align: justify;\">While industry experts have floated both ideas, neither has been implemented by the government, although the federal budget, slated for release March 19th, is expected to contain some form of relief measure for first-time homebuyers.<\/p>\n<p style=\"text-align: justify;\">Barring a major policy change, Yu predicts home sales will increase between 3\u20134 percent in 2020, with a slightly stronger 2021 to follow.<\/p>\n<p style=\"text-align: justify;\">With benchmark prices in the Lower Mainland off by 8 percent from their peak, Yu doesn\u2019t expect to see prices to recover significantly over the forecast period, nor is a crash anticipated.<\/p>\n<p style=\"text-align: justify;\">In fact, BC\u2019s healthy job market has insulated the market from larger price drops. With a steady employment rate, many homeowners aren\u2019t feeling pressure to accept lower prices. They are able to keep up with mortgage payments and in some cases are pulling their homes off the market altogether, Yu suggests.<\/p>\n<p style=\"text-align: justify;\">Through the forecast period, Yu sees the province\u2019s unemployment rate hovering around 4 percent. While there will be fewer jobs in residential construction amid the housing slowdown, other projects will offset the losses.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.livabl.com\/2019\/03\/bc-home-sales-recover-midway-2019.html\" target=\"_blank\" rel=\"noopener noreferrer\">BC Home Sales to Recover Midway Through 2019 &#8211; Sort Of<\/a> by Josh Sherman | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Lower BC home prices will bring some buyers off the sidelines by the midway point of this year, but discounted properties won\u2019t be enough to bring market activity anywhere near &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/03\/bc-home-sales-to-recover-midway-through-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-12009","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>BC Home Sales to Recover Midway Through 2019 &#8226; 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