{"id":12337,"date":"2019-04-15T08:33:27","date_gmt":"2019-04-15T15:33:27","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=12337"},"modified":"2019-04-15T07:42:02","modified_gmt":"2019-04-15T14:42:02","slug":"bcrea-stress-test-creating-pent-up-demand","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/04\/bcrea-stress-test-creating-pent-up-demand\/","title":{"rendered":"BCREA Stress Test Creating Pent-up Demand"},"content":{"rendered":"<p style=\"text-align: justify;\">Vancouver, BC \u2013 April 15, 2019. The British Columbia Real Estate Association (BCREA) reports that a total of 5,707 residential unit sales were recorded by the Multiple Listing Service\u00ae (MLS\u00ae) in March, a decline of 23% from the same month last year. The average MLS\u00ae residential price in the province was $687,720, a decline of 5.4% from March 2018. Total sales dollar volume was $3.9 billion, a 27.1% decline from the same month last year.<\/p>\n<p style=\"text-align: justify;\">\u201cBC home sales continue to be adversely impacted by federal mortgage policy,\u201d said BCREA Chief Economist Cameron Muir. \u201cThe erosion of affordability caused by the B20 stress test has created near recession level housing demand despite the province boasting the lowest unemployment rates in a decade.\u201d<\/p>\n<p style=\"text-align: justify;\">\u201cThe sharp erosion of affordability caused by the B20 stress test is now creating pent-up demand, as many would-be home buyers are forced to wait on the sidelines,\u201d added Muir. \u201cUnfortunately, new home construction is slowing as well, which will likely lead to another housing supply crunch down the road.\u201d<\/p>\n<p style=\"text-align: justify;\">Total MLS\u00ae residential active listings increased 36.2% to 34,295 units compared to the same month last year. The ratio of sales to active residential listings declined from 29.4% to 16.6% over the same period.<\/p>\n<p>\u00a0\u00a0\u00a0 <a href=\"https:\/\/www.roryc.ca\/blog\/?attachment_id=12338\" rel=\"attachment wp-att-12338\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-12338\" src=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/04\/BCREA-288x162.gif\" alt=\"\" width=\"575\" height=\"323\" srcset=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/04\/BCREA-288x162.gif 288w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/04\/BCREA-768x432.gif 768w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/04\/BCREA-420x236.gif 420w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/04\/BCREA-310x174.gif 310w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/04\/BCREA-630x354.gif 630w\" sizes=\"auto, (max-width: 575px) 100vw, 575px\" \/><\/a><\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/www.bcrea.bc.ca\/docs\/news-2019\/2019-03.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">Click here<\/a> for the complete news release, including detailed statistics.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vancouver, BC \u2013 April 15, 2019. The British Columbia Real Estate Association (BCREA) reports that a total of 5,707 residential unit sales were recorded by the Multiple Listing Service\u00ae (MLS\u00ae) &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/04\/bcrea-stress-test-creating-pent-up-demand\/\">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-12337","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>BCREA Stress Test Creating Pent-up Demand &#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\/04\/bcrea-stress-test-creating-pent-up-demand\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BCREA Stress Test Creating Pent-up Demand &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Vancouver, BC \u2013 April 15, 2019. 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