{"id":12771,"date":"2019-06-13T10:10:43","date_gmt":"2019-06-13T17:10:43","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=12771"},"modified":"2019-06-08T08:34:06","modified_gmt":"2019-06-08T15:34:06","slug":"bcs-housing-market-to-bounce-back-from-vancouver-price-correction-by-2021","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/06\/bcs-housing-market-to-bounce-back-from-vancouver-price-correction-by-2021\/","title":{"rendered":"BC&#8217;s Housing Market to Bounce Back from Vancouver Price Correction by 2021"},"content":{"rendered":"<p style=\"text-align: justify;\">The forecast is starting to look brighter for BC\u2019s housing market in the coming years.<\/p>\n<p style=\"text-align: justify;\">Central 1 Credit Union anticipates BC home sales will pick up again in 2020, and the following year prices are expected to increase as well but for now they\u2019re \u201cmarshmallow soft.\u201d<\/p>\n<p style=\"text-align: justify;\">\u201cHome sale deterioration ends in the first half of 2019 with a mild pick up in the latter part of the year as firm economic conditions underpin a recovery, and initial impacts of policy measures fade,\u201d writes Central 1 Deputy Chief Economist Bryan Yu in a Resale Market Housing Outlook 2019-2021.<\/p>\n<p style=\"text-align: justify;\">While an annual sales decline three-peat appears to be on the horizon, 2019\u2019s year-over-year decline will be far less pronounced than the 20.2-perent drop in activity last year, Yu projects.<\/p>\n<p style=\"text-align: justify;\">He\u2019s calling for sales to drop 10.7 percent this year, before bouncing back by 8.8 percent in 2020 and 5.2 percent in 2021.<\/p>\n<p style=\"text-align: justify;\">Meantime, the median price of a BC home is set to sink 4.1 percent this year to $515,000. A further drop of 1 percent is penciled in for 2020 but that will be eclipsed by a 1.2 percent increase in 2021.<\/p>\n<p style=\"text-align: justify;\">A lingering low interest rate environment and the federal government\u2019s recently announced First-Time Home Buyers Incentive are also going to help prop up the market, Yu suggests.<\/p>\n<p style=\"text-align: justify;\">The incentive will see the Canadian government give qualified homebuyers up to 10 percent of a downpayment in exchange for a corresponding equity stake in the property.<\/p>\n<p style=\"text-align: justify;\">\u201cFaltering housing market activity will curtail new home construction and related employment and spending going forward, but there is still a lot to like in the economy,\u201d Yu explains.<\/p>\n<p style=\"text-align: justify;\">Yu notes the tech sector, infrastructure spending in the Lower Mainland, demand for Canadian exports as a result of the low Loonie, and the $40-billion LNG Canada gas terminal as positively contributing to the province\u2019s economic prospects.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.livabl.com\/2019\/06\/bcs-housing-market-bounce-back-vancouver.html\" target=\"_blank\" rel=\"noopener noreferrer\">BC&#8217;s Housing Market to Bounce Back from Vancouver Price Correction by 2021<\/a> by Josh Sherman | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The forecast is starting to look brighter for BC\u2019s housing market in the coming years. Central 1 Credit Union anticipates BC home sales will pick up again in 2020, and &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/06\/bcs-housing-market-to-bounce-back-from-vancouver-price-correction-by-2021\/\">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-12771","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&#039;s Housing Market to Bounce Back from Vancouver Price Correction by 2021 &#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\/06\/bcs-housing-market-to-bounce-back-from-vancouver-price-correction-by-2021\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BC&#039;s Housing Market to Bounce Back from Vancouver Price Correction by 2021 &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"The forecast is starting to look brighter for BC\u2019s housing market in the coming years. 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