{"id":14322,"date":"2019-12-02T10:10:00","date_gmt":"2019-12-02T18:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=14322"},"modified":"2019-12-02T08:34:12","modified_gmt":"2019-12-02T16:34:12","slug":"bc-resale-housing-outlook-sales-forecasts-a-13-increase-prices-could-up-by-3-8-in-2020","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/12\/bc-resale-housing-outlook-sales-forecasts-a-13-increase-prices-could-up-by-3-8-in-2020\/","title":{"rendered":"BC Resale Housing Outlook : Sales Forecasts A 13% Increase, Prices Could Up by 3.8% in 2020"},"content":{"rendered":"<p style=\"text-align: justify;\">A new report from Central 1 Credit Union suggests Metro Vancouver\u2019s housing market could be bouncing back faster than anticipated.<\/p>\n<p style=\"text-align: justify;\">The institution\u2019s 2019-2021 BC Resale Market Housing Outlook said demand is picking up once again after the 2018 real estate slowdown, amid lower mortgage rates and continued population growth.<\/p>\n<p style=\"text-align: justify;\">\u201cHome sales have returned to more normal levels following over a year of policy-induced declines but BC\u2019s sales recovery has lagged the rest of Canada,\u201d according to Central 1 deputy chief economist Bryan Yu.<\/p>\n<p style=\"text-align: justify;\">Yu said a decline in prices, particularly in the Lower Mainland, has also helped attract buyers back to the market.<\/p>\n<p style=\"text-align: justify;\">\u201cA growing number of buyers in the region have idled on the sidelines waiting for improvements in affordability following mortgage stress tests,\u201d according to the report.<\/p>\n<p style=\"text-align: justify;\">\u201cSignificant price declines over the past year and lower borrowing costs have buyers returning to the market among all housing types, particularly in the lower priced condominium sector.\u201d<\/p>\n<p style=\"text-align: justify;\">Province-wide, Yu said he anticipates 2019 to finish with a 7% drop in residential resale transactions, but forecasts a 13% increase in 2020, followed by another 4% hike in 2021.<\/p>\n<p style=\"text-align: justify;\">Along with an increase in sales activity, Central 1 is forecasting a return to climbing prices.<\/p>\n<p style=\"text-align: justify;\">The institution said prices could increase by 3.8% next year and a further 4% in 2021.<\/p>\n<p style=\"text-align: justify;\">\u201cMetro Vancouver will lead this increase which will undoubtedly bring affordability challenges back into the spotlight,\u201d said Yu.<\/p>\n<p style=\"text-align: justify;\">Yu said despite the slowdown, housing starts in BC were not seriously affected by the real estate downturn, with about 44,000 anticipated by year\u2019s end.<\/p>\n<p style=\"text-align: justify;\">However, it said many of the projects were pre-sold during the stronger market, and that new starts were expected to trend downward in 2020 amid slower pre-sale activity.<\/p>\n<p style=\"text-align: justify;\">The report also predicted ongoing tightness in the rental market.<\/p>\n<p style=\"text-align: justify;\">The Central 1 report reflects a growing consensus that the province\u2019s housing market is rebounding after a slump that hit the Lower Mainland particularly hard.<\/p>\n<p style=\"text-align: justify;\">Last month, the Canada Mortgage and Housing Corporation (CMHC) released a report predicting sales and prices in BC would begin to stabilize in 2020 and accelerate in 2021.<\/p>\n<p style=\"text-align: justify;\">The CMHC forecast suggested BC\u2019s real estate market would out-perform the rest of Canada.<\/p>\n<p style=\"text-align: justify;\">\u201cBritish Columbia will see modest recovery in price growth in 2020 from a decline in 2019, but rise to the second-highest rate of price growth after Ontario in 2021,\u201d stated the report.<\/p>\n<p style=\"text-align: justify;\">Earlier in November, the Real Estate Board of Greater Vancouver reported an uptick in regional sales for the fourth consecutive month.<\/p>\n<p style=\"text-align: justify;\">The organization said October sales activity had climbed to nearly 10% above the 10-year sales average for the month.<\/p>\n<p style=\"text-align: justify;\">It also found that while prices in the region were still down year-over-year, they had held steady month-to-month after more than a year of regular monthly declines.<\/p>\n<p style=\"text-align: justify;\">The benchmark price for a detached home across the Lower Mainland was $1,410,500, down 7.5% from October 2018, but up 0.3% from September, according the board.<\/p>\n<p style=\"text-align: justify;\">The benchmark price of an apartment across the region was $652,500, down 5.9% from October 2018, but up 0.2% from September.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/globalnews.ca\/news\/6215532\/metro-vancouver-real-estate-sales-prices-2021\/\" target=\"_blank\" rel=\"noopener noreferrer\">Central 1 : Metro Vancouver Real Estate Sales, Prices to Climb in 2021<\/a> by Simon Little | Global News<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A new report from Central 1 Credit Union suggests Metro Vancouver\u2019s housing market could be bouncing back faster than anticipated. The institution\u2019s 2019-2021 BC Resale Market Housing Outlook said demand &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/12\/bc-resale-housing-outlook-sales-forecasts-a-13-increase-prices-could-up-by-3-8-in-2020\/\">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-14322","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 Resale Housing Outlook : Sales Forecasts A 13% Increase, Prices Could Up by 3.8% in 2020 &#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\/12\/bc-resale-housing-outlook-sales-forecasts-a-13-increase-prices-could-up-by-3-8-in-2020\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BC Resale Housing Outlook : Sales Forecasts A 13% Increase, Prices Could Up by 3.8% in 2020 &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"A new report from Central 1 Credit Union suggests Metro Vancouver\u2019s housing market could be bouncing back faster than anticipated. 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