{"id":14662,"date":"2020-01-22T10:10:00","date_gmt":"2020-01-22T18:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=14662"},"modified":"2020-01-16T16:45:47","modified_gmt":"2020-01-17T00:45:47","slug":"housing-market-rises-but-government-policies-hit-homeowners","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2020\/01\/housing-market-rises-but-government-policies-hit-homeowners\/","title":{"rendered":"Housing Market Rises but Government Policies Hit Homeowners"},"content":{"rendered":"<p style=\"text-align: justify;\"><strong>Inequitable Assessment<\/strong><\/p>\n<p style=\"text-align: justify;\">Property owners take heart from higher property values, which help to boost equity and in turn their borrowing power. Higher values also generate higher property tax revenues for local government.<\/p>\n<p style=\"text-align: justify;\">But the province doesn\u2019t seem to see things so positively.<\/p>\n<p style=\"text-align: justify;\">The past year saw many farm property owners decry what they saw as a provincial effort to rein in farmland values by tighter regulations on the kinds of activities allowed within the Agricultural Land Reserve.<\/p>\n<p style=\"text-align: justify;\">This month saw the release of the 2020 assessment roll and Municipal Affairs and Housing Minister Selina Robinson crow about the province\u2019s success in reducing residential property values.<\/p>\n<p style=\"text-align: justify;\">\u201cThis is a positive sign that our government\u2019s efforts to make housing more affordable for more British Columbians are having a real impact,\u201d Robinson said. \u201cAs we move into the next decade, we will continue our work to stabilize the market.\u201d<\/p>\n<p style=\"text-align: justify;\">Robinson\u2019s pledge to double down on reducing residential property values isn\u2019t sitting well with Paul Sullivan, senior partner with Burgess Cawley Sullivan &amp; Associates Ltd. By his calculations, Metro Vancouver homeowners have seen $87.3 billion shaved off the value of their real estate since last year.<\/p>\n<p style=\"text-align: justify;\">While the value of detached properties was hit hardest, strata properties also saw a significant loss in value.<\/p>\n<p style=\"text-align: justify;\">\u201cThe large-scale destruction of home equity in British Columbia is resulting in significant financial challenges for many middle-class homeowners,\u201d Sullivan said in releasing his analysis.<\/p>\n<p style=\"text-align: justify;\">\u201cHomeowners rely on home equity to cover unexpected health-care costs, renovations, fund their retirement and support their children\u2019s education or down payment on a first home.\u201d<\/p>\n<p style=\"text-align: justify;\">He says the far-reaching effects also include compromising the ability of parents to fund home purchases by their children; in BC, approximately 90% look to their parents for assistance with a home purchase.<\/p>\n<p style=\"text-align: justify;\">Moreover, some recent homebuyers may find themselves owing more than their property is worth.<\/p>\n<p style=\"text-align: justify;\">A sustained depression on the value of the property will make their financial arrangements more complicated \u2013 a significant price to pay for a social good that may not materialize.<\/p>\n<p style=\"text-align: justify;\">Indeed, the province isn\u2019t the only government seeking to depress residential property values. Ottawa is considering measures similar to those employed in B.C., and some municipalities are also looking at ways to rein in and even depress property values.<\/p>\n<p style=\"text-align: justify;\">The lack of a co-ordinated response by the several levels of government threatens property values well beyond what any one government desires.<\/p>\n<p style=\"text-align: justify;\"><strong>Looking Ahead<\/strong><\/p>\n<p style=\"text-align: justify;\">Government measures notwithstanding, housing markets seem to be once more hitting their stride as 2020 kicks off.<\/p>\n<p style=\"text-align: justify;\">The latest statistics from the Real Estate Board of Greater Vancouver indicate that residential sales through the board were 3% higher in 2019 than in 2018, at 25,351 units.<\/p>\n<p style=\"text-align: justify;\">Sales strengthened through the latter half of the year, improving from 23.5% above a year earlier in June to 88% above a year earlier in December.<\/p>\n<p style=\"text-align: justify;\">\u201cConfidence in the market clearly has returned,\u201d remarked Robert Hogue, senior economist at RBC Economics, last week. \u201cAll the recent policy and regulatory changes appear to be in buyers\u2019 rear-view mirror now.\u201d<\/p>\n<p style=\"text-align: justify;\">Tempering the provincial government\u2019s rosy view that housing prices have become more affordable, Hogue believes the Vancouver housing market is \u201cquickly shifting in favour of sellers.\u201d<\/p>\n<p style=\"text-align: justify;\">Indeed, after declining for 16 consecutive months, the benchmark price began rising in October and ended the year down just 3% from a year earlier.<\/p>\n<p style=\"text-align: justify;\">This was a shift from June, when the benchmark price was 9% below the previous year.<\/p>\n<p style=\"text-align: justify;\">\u201cHome prices are poised to maintain an upward trajectory in the period ahead \u2013 quite possibly rising above year-ago levels by the spring [or even earlier],\u201d Hogue said.<\/p>\n<p style=\"text-align: justify;\">\u201cAfter seeing some affordability reprieve over the past couple of years, Vancouver buyers will again find harder to achieve their home ownership dream in 2020.\u201d \u2022<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/biv.com\/article\/2020\/01\/government-policies-hit-homeowners-housing-market-rises\" target=\"_blank\" rel=\"noopener noreferrer\">Government Policies Hit Homeowners but Housing Market Rises<\/a> by Peter Mitham | BIV<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Inequitable Assessment Property owners take heart from higher property values, which help to boost equity and in turn their borrowing power. Higher values also generate higher property tax revenues for &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2020\/01\/housing-market-rises-but-government-policies-hit-homeowners\/\">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-14662","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>Housing Market Rises but Government Policies Hit Homeowners &#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\/2020\/01\/housing-market-rises-but-government-policies-hit-homeowners\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Housing Market Rises but Government Policies Hit Homeowners &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Inequitable Assessment Property owners take heart from higher property values, which help to boost equity and in turn their borrowing power. 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