{"id":12846,"date":"2019-06-24T10:10:38","date_gmt":"2019-06-24T17:10:38","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=12846"},"modified":"2019-06-11T11:08:55","modified_gmt":"2019-06-11T18:08:55","slug":"metro-vancouvers-housing-market-is-primed-for-a-comeback","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/06\/metro-vancouvers-housing-market-is-primed-for-a-comeback\/","title":{"rendered":"Metro Vancouver’s Housing Market is “Primed for A Comeback”"},"content":{"rendered":"

A new analysis paints the picture of how housing market cycles come and go, and based on 20 years of data Metro Vancouver\u2019s market is \u201cprimed for a comeback.\u201d<\/p>\n

Kevin Skipworth, the Chief Economist and Managing Broker of Dexter Realty, says recent sales figures indicate there is \u201crenewed confidence\u201d in the housing market, despite recent monthly sales trending below the 10-year average and other poor reports that paint a bleak picture.<\/p>\n

\u201cSales in May were 44% above those in April, as such, it\u2019s not a slumping market, but one with a gasp of breath,\u201d he wrote.<\/p>\n

Based on historical data, there have been three significant slowdown periods in the regional housing market over the past 20 years \u2014 during 1997 to 1999, 2008 to 2009, and 2012 to 2013. These periods saw monthly home sales trend below 2,000 units.<\/p>\n

\u201cIn each of these periods, there were either over or close to 20,000 listings on the market. In this current cycle we are seeing the market struggle to get over 15,000 active listings \u2014 at a time when the overall housing stock is at its highest. Demand is and will increase, and supply is clearly less than other significant slower markets.\u201d
\n\"\"<\/a>
\nMoreover, Skipworth notes the lack of homes listed during one of the slowest periods in the market in 30 years indicates sellers are not looking to \u201cpanic sell.\u201d<\/p>\n

\u201cSome will sell out of need and agree to prices below what they would like, others will hold and wait,\u201d he wrote.<\/p>\n

\u201cThere is confidence in the Metro Vancouver real estate market long term \u2014 with more buyers and fewer sellers, it will lead to stabilization in the market. We may be seeing prices bottom out in the lower and middle end of the market, but there are still great opportunities for buyers, however, they are diminishing.\u201d<\/p>\n

Skipworth also questions recent government interventions and the results they have produced, going as far as calling them ineffective in lowering affordability for general consumers.<\/p>\n

He says the provincial government\u2019s new taxes and the federal government\u2019s heightened stress test \u201conly served to reduce prices significantly in the high end for those the government wanted out of this market and, unwittingly, prevented home buyers from getting into homes in the lower end.\u201d<\/p>\n

This is why \u201caffordability overall has not improved and will not get any better without a serious look at the ill-conceived government policies and other factors keeping new homes from making it through the rezoning process to completion,\u201d adding that \u201cthe market is always right \u2014 supply and demand ultimately dictates market conditions.\u201d<\/p>\n

Until there are changes to the recent reforms, along with the challenges with restrictive municipal zoning, developers will continue to pull back and there will be a lack of new supply and particularly \u201cthe right supply\u201d over the short-term period of the next two to four years.<\/p>\n

\u201cThat, coupled with low resale inventories, significant pent up demand, a growing population and Metro Vancouver being a region where people gravitate to, the cycle will continue with demand outstripping supply and prices rising,\u201d he continued.<\/p>\n

Metro Vancouver’s Housing Market is “Primed for A Comeback”<\/a> by Kenneth Chan | Daily Hive<\/p>\n","protected":false},"excerpt":{"rendered":"

A new analysis paints the picture of how housing market cycles come and go, and based on 20 years of data Metro Vancouver\u2019s market is \u201cprimed for a comeback.\u201d Kevin … [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-12846","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"\nMetro Vancouver's Housing Market is "Primed for A Comeback" • 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\/metro-vancouvers-housing-market-is-primed-for-a-comeback\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" 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