{"id":16352,"date":"2020-08-26T11:11:00","date_gmt":"2020-08-26T18:11:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=16352"},"modified":"2020-08-21T12:01:51","modified_gmt":"2020-08-21T19:01:51","slug":"vancouver-housing-market-recovering-but-still-has-a-long-way-to-go","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2020\/08\/vancouver-housing-market-recovering-but-still-has-a-long-way-to-go\/","title":{"rendered":"Vancouver Housing Market Recovering, But Still Has A Long Way to Go"},"content":{"rendered":"<p style=\"text-align: justify;\">Renewed housing activity in Vancouver can be attributed to the fact that it is now possible to lock in a five-year mortgage term at 2.14%, according to rennie intelligence.<\/p>\n<p style=\"text-align: justify;\">The market might have room for confidence in the longevity of cheap loans : In June, Bank of Canada Governor Tiff Macklem said that the key interest rate needs to stay at its historic lows to support sustained recovery.<\/p>\n<p style=\"text-align: justify;\">The rennie intelligence analysis said that aside from these rates, accumulated housing demand and the recovery of nearly 120,000 jobs over the last two months alone are fuelling Vancouver\u2019s dynamism.<\/p>\n<p style=\"text-align: justify;\">\u201cTogether, these factors have stabilized the housing market in the face of a widespread, policy-driven economic downturn and are likely to continue to do so in the coming months,\u201d rennie intelligence said.<\/p>\n<p style=\"text-align: justify;\">However, despite these promising signs, Vancouver still has a long way to go in regaining its prestige as one of Canada\u2019s leading real estate destinations.<\/p>\n<p style=\"text-align: justify;\">Steven Saretsky, a Vancouver-based realtor and markets observer, said that the marked slowdown in Vancouver, which is also apparent in other major markets, will likely persist for the rest of the year.<\/p>\n<p style=\"text-align: justify;\">\u201cIf we see any market correction it likely won\u2019t be until Q4 when mortgage deferrals begin to expire,\u201d Saretsky told the Financial Post.<\/p>\n<p style=\"text-align: justify;\">Indeed, BoC\u2019s Macklem emphasized that while the low-rate environment could lead to \u201csome good numbers\u201d in the third quarter, \u201ceven the good case is still pretty bad. We\u2019re in a deep hole, and it\u2019s going to be a long way out of this hole.\u201d<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.canadianrealestatemagazine.ca\/news\/vancouver-housing-market-recovering-but-will-it-last-332500.aspx\" target=\"_blank\" rel=\"noopener noreferrer\">Vancouver Housing Market Recovering, but will it last?<\/a> by Ephraim Vecina | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Renewed housing activity in Vancouver can be attributed to the fact that it is now possible to lock in a five-year mortgage term at 2.14%, according to rennie intelligence. The &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2020\/08\/vancouver-housing-market-recovering-but-still-has-a-long-way-to-go\/\">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-16352","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Vancouver Housing Market Recovering, But Still Has A Long Way to Go &#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\/08\/vancouver-housing-market-recovering-but-still-has-a-long-way-to-go\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Vancouver Housing Market Recovering, But Still Has A Long Way to Go &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Renewed housing activity in Vancouver can be attributed to the fact that it is now possible to lock in a five-year mortgage term at 2.14%, according to rennie intelligence. 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