{"id":12764,"date":"2019-06-11T10:10:05","date_gmt":"2019-06-11T17:10:05","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=12764"},"modified":"2019-06-08T08:33:24","modified_gmt":"2019-06-08T15:33:24","slug":"existing-policies-market-conditions-in-bc-prevent-many-buyers-sellers-from-participating-in-the-market","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/06\/existing-policies-market-conditions-in-bc-prevent-many-buyers-sellers-from-participating-in-the-market\/","title":{"rendered":"Existing Policies & Market Conditions in BC Prevent Many Buyers & Sellers from Participating in the Market"},"content":{"rendered":"

Existing policies and market conditions in BC prevent many buyers and sellers from fully participating in the market, according to Vancouver\u2019s Central 1 Credit Union.<\/p>\n

The firm found that home sales in the province decreased by a massive 40% since the end of 2018. Currently, hopeful buyers are hesitating due to high price levels, while potential sellers would rather wait on the sidelines for a market recovery.<\/p>\n

Stricter federal and provincial regulations were cited to be major factors slowing down activity, the analysis noted. Among the most damaging of these policies were B-20 (which weakened purchasing power by 20%) and BC\u2019s 20% foreign buyer tax (which forced capital holders to invest elsewhere).<\/p>\n

Even BC\u2019s likely robust economic performance this year will not be able to offset these weaknesses, Central 1 deputy chief economist Bryan Yu said. Residential sales are estimated to further decrease by 11% in 2019.<\/p>\n

And the actual situation this year might even be worse: Yu cautioned that the analysis did not take into account the possible effects of money laundering.<\/p>\n

\u201cThese were model-driven numbers based on international numbers and I would say very little localized information,\u201d Yu told The Canadian Press. \u201cIt seems to me we\u2019re really still searching for those numbers and trying to get a better grasp of them.\u201d<\/p>\n

The results of a government report released last month indicated that dirty money inflated BC residential property prices by approximately 5% last year. Finance Minister Carole James also stated that money laundering could have \u201cdistorted\u201d the Metro Vancouver housing market by as much as 20%.<\/p>\n

Conditions in BC Not Conducive to Housing Activity<\/a> by Ephraim Vecina | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"

Existing policies and market conditions in BC prevent many buyers and sellers from fully participating in the market, according to Vancouver\u2019s Central 1 Credit Union. The firm found that home … [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-12764","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"\nExisting Policies & Market Conditions in BC Prevent Many Buyers & Sellers from Participating in the Market • 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\/06\/existing-policies-market-conditions-in-bc-prevent-many-buyers-sellers-from-participating-in-the-market\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Existing Policies & Market Conditions in BC Prevent Many Buyers & Sellers from Participating in the Market • Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Existing policies and market conditions in BC prevent many buyers and sellers from fully participating in the market, according to Vancouver\u2019s Central 1 Credit Union. 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