{"id":12744,"date":"2019-05-30T08:55:48","date_gmt":"2019-05-30T15:55:48","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=12744"},"modified":"2019-05-30T09:13:06","modified_gmt":"2019-05-30T16:13:06","slug":"bc-housing-market-current-conditions-new-homes-looking-ahead","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/05\/bc-housing-market-current-conditions-new-homes-looking-ahead\/","title":{"rendered":"BC Housing Market Current Conditions, New Homes &#038; Looking Ahead"},"content":{"rendered":"<p style=\"text-align: justify;\">For the third consecutive year, annual resale transactions in BC real estate will continue to decline, resulting in the fewest home sales since 2013, according to a new report released today.<\/p>\n<p style=\"text-align: justify;\">The latest Central 1 economic forecast said that any hopes for a better year for BC\u2019s housing market were \u201cdashed early as the culmination of federal and provincial policies continued to weigh heavily\u201d on demand.<\/p>\n<p style=\"text-align: justify;\">\u201cProspective buyers are on the sidelines,\u201d it added. \u201cSome involuntarily, as they no longer qualify for enough financing under new mortgage lending restrictions.\u201d<\/p>\n<p style=\"text-align: justify;\">Still, others are biding their time \u201cuntil declining prices settle in the market.\u201d<\/p>\n<p style=\"text-align: justify;\">Overall, the report found that the median resale price is forecast to fall by 4.1% this year, to $515,000, largely in part as a result of falling values in Metro Vancouver and Kelowna, as well prices on Vancouver Island falling from peak.<\/p>\n<p style=\"text-align: justify;\">And \u201csoft\u201d house prices are expected to continue over the next two years, with with the median price topping out at $516,000 in 2021, the report said.<\/p>\n<p style=\"text-align: justify;\"><strong>New Homes<\/strong><\/p>\n<p style=\"text-align: justify;\">New home conditions have remained \u201csurprisingly firm\u201d in early 2019, the report found.<\/p>\n<p style=\"text-align: justify;\">\u201cHousing starts are holding steady from 2018 but a sharp pullback is expected in the second half of 2019 as weakening resale market and pre-sale conditions cool construction,\u201d it added.<\/p>\n<p style=\"text-align: justify;\">Housing starts are forecast to decline 14% this year to 35,000 units and trend near 33,000 units in both 2020 and 2021.<\/p>\n<p style=\"text-align: justify;\">That said, levels will still be \u201cmoderate\u201d and above 2016 levels.<\/p>\n<p style=\"text-align: justify;\"><strong>Current Conditions<\/strong><\/p>\n<p style=\"text-align: justify;\">Despite an otherwise \u201csolid\u201d economy, \u201crecessionary conditions in BC s ownership housing market persist,\u201d the report found.<\/p>\n<p style=\"text-align: justify;\">\u201cEarly 2019 home sales continue to deteriorate as federal and provincial policies continue to weigh on demand and lead to price declines among some of the larger urban markets,\u201d it noted.<\/p>\n<p style=\"text-align: justify;\">Households continue to be \u201cconstrained\u201d by a number of factors, combination of federal B including the speculation tax, expanded foreign buyer tax and other measures, the report said.<\/p>\n<p style=\"text-align: justify;\">Weak home sales are prevalent across the province, and provincial regulations layered onto this policy are depressing sales further, it added.<\/p>\n<p style=\"text-align: justify;\">Though many prospective sellers are opting to sit out the current downturn\u2014a reflection of the strong labour market environment and that some sellers do not need or want to sell at lower prices\u2014inventory is rising as listings \u201clanguish,\u201d the report said.<\/p>\n<p style=\"text-align: justify;\">Prices are falling and areas in West Vancouver, as well as on the west side of the City of Vancouver have been hit \u201cparticularly hard,\u201d with instances of 20% declines on multi-million dollar properties, the report found.<\/p>\n<p style=\"text-align: justify;\">While average and median home price trends are influenced by sales composition, general declines are modest at about 7% from peak according to benchmark values published by the regional real estate boards.<\/p>\n<p style=\"text-align: justify;\">Despite the numbers, the report noted that the \u201csteep decline in resale transactions has<br \/>\nyet to be felt in the pace of new home starts,\u201d which has remained strong in early 2019.<\/p>\n<p style=\"text-align: justify;\">It noted that BC is coming off another \u201cstellar\u201d year of starts in 2018, which saw nearly 41,000 housing break ground.<\/p>\n<p style=\"text-align: justify;\">\u201cFirm construction trends have continued into this year with April starts at the highest level in more than a year,\u201d the report said. \u201cThrough the first four months of 2019, housing starts were virtually unchanged from 2018, albeit with deviations among metro areas.\u201d<\/p>\n<p style=\"text-align: justify;\"><strong>Looking Ahead<\/strong><\/p>\n<p style=\"text-align: justify;\">The report says the \u201cweak\u201d conditions it mentions are forecast to continue as households further adjust. Overall, the benchmark price is forecast to decline through 2019 before flattening thereafter.<\/p>\n<p style=\"text-align: justify;\">And its weak activity in Metro Vancouver that is contributing to fewer recreational and retirement home purchases in other markets, as homeowners face lower price\/equity and difficulty selling their properties.<\/p>\n<p style=\"text-align: justify;\">The report noted that home sale deterioration is forecast to end in the first half of 2019, with a \u201cmild pick-up\u201d in the latter part of the year as firm economic conditions underpin a recovery, and \u201cinitial impacts of policy measures fade.\u201d<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/dailyhive.com\/vancouver\/metro-vancouver-epicenter-of-downside-bc-housing-prices-report\" target=\"_blank\" rel=\"noopener noreferrer\">Metro Vancouver at &#8220;Epicentre&#8221; of Further Downside in BC Housing Prices<\/a> by Daily Hive<\/p>\n","protected":false},"excerpt":{"rendered":"<p>For the third consecutive year, annual resale transactions in BC real estate will continue to decline, resulting in the fewest home sales since 2013, according to a new report released &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/05\/bc-housing-market-current-conditions-new-homes-looking-ahead\/\">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-12744","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>BC Housing Market Current Conditions, New Homes &amp; Looking Ahead &#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\/05\/bc-housing-market-current-conditions-new-homes-looking-ahead\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BC Housing Market Current Conditions, New Homes &amp; 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