{"id":13271,"date":"2019-08-05T10:10:34","date_gmt":"2019-08-05T17:10:34","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=13271"},"modified":"2019-07-27T10:54:32","modified_gmt":"2019-07-27T17:54:32","slug":"2-factors-that-help-vancouver-housing-market-scraping-the-bottom-of-the-cycle","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/08\/2-factors-that-help-vancouver-housing-market-scraping-the-bottom-of-the-cycle\/","title":{"rendered":"2 Factors That Help Vancouver Housing Market Scraping the Bottom of the Cycle"},"content":{"rendered":"<p style=\"text-align: justify;\">Greater Vancouver\u2019s housing market may finally be bottoming out.<\/p>\n<p style=\"text-align: justify;\">Bryan Yu, deputy chief economist of Central 1 Credit Union, tells Livabl that it looks like home sales activity across the province \u2014 and Greater Vancouver in particular \u2014 appears to be scraping the bottom of the cycle.<\/p>\n<p style=\"text-align: justify;\">\u201cPrices are still expected to drift lower over the second half of the year,\u201d he adds in an email.<\/p>\n<p style=\"text-align: justify;\">In June, Greater Vancouver home sales remained down 14.4 percent from year-ago levels and the benchmark price of a home declined 9.6 percent to $998,700.<\/p>\n<p style=\"text-align: justify;\">These trends were also reflected in province-wide data.<\/p>\n<p style=\"text-align: justify;\">BC sales activity in June declined by 11.8 percent on a year-over-year basis while prices fell 4 percent, according to the British Columbia Real Estate Association.<\/p>\n<p style=\"text-align: justify;\">But Yu notes that this weaker month of June followed stronger showings in April and May.<\/p>\n<p style=\"text-align: justify;\">\u201cThe latest dip comes after a couple of gains, so it looks on the surface that the bottom is in,\u201d Yu explains.<\/p>\n<p style=\"text-align: justify;\">More importantly, there are two factors that should help stem the bloodletting.<\/p>\n<p style=\"text-align: justify;\">\u201cDeclining mortgage [rates] are providing a lift to some purchasers, although pass-through is constrained by the stubbornly high posted rate (stress test constraint),\u201d notes Yu.<\/p>\n<p style=\"text-align: justify;\">The Bank of Canada\u2019s qualifying rate, based on an average of posted five-year fixed rates from the country\u2019s six biggest banks, declined for the first time since 2016.<\/p>\n<p style=\"text-align: justify;\">This rate \u2014 now 5.19 percent after dropping from 5.34 \u2014 has been setting the bar for mortgage stress tests in Canada, which require borrowers to qualify for a loan at a rate higher than what is being offered on contract.<\/p>\n<p style=\"text-align: justify;\">Typically the rate has moved in line with bond yields, but despite the latter tumbling 90 basis points between early November 2018 and mid-July, there had been no movement on the rate front.<\/p>\n<p style=\"text-align: justify;\">Meantime, five-year fixed rates, the most popular type in Canada, have recently sunk to multi-year lows.<\/p>\n<p style=\"text-align: justify;\">\u201c[T]his coupled with a strong labour market should help to lift sales from low levels,\u201d says Yu.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.livabl.com\/2019\/07\/worst-vancouvers-housing-market.html\" target=\"_blank\" rel=\"noopener noreferrer\">Is The Worst Over for Vancouver&#8217;s Housing Market?<\/a> by Josh Sherman Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Greater Vancouver\u2019s housing market may finally be bottoming out. Bryan Yu, deputy chief economist of Central 1 Credit Union, tells Livabl that it looks like home sales activity across the &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/08\/2-factors-that-help-vancouver-housing-market-scraping-the-bottom-of-the-cycle\/\">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-13271","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>2 Factors That Help Vancouver Housing Market Scraping the Bottom of the Cycle &#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\/08\/2-factors-that-help-vancouver-housing-market-scraping-the-bottom-of-the-cycle\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"2 Factors That Help Vancouver Housing Market Scraping the Bottom of the Cycle &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Greater Vancouver\u2019s housing market may finally be bottoming out. 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