{"id":20741,"date":"2022-10-24T10:10:00","date_gmt":"2022-10-24T17:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=20741"},"modified":"2022-10-15T09:02:19","modified_gmt":"2022-10-15T16:02:19","slug":"housing-remains-low-slow-running-at-25-to-30-below-normal-market-activity","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2022\/10\/housing-remains-low-slow-running-at-25-to-30-below-normal-market-activity\/","title":{"rendered":"Housing Remains Low &#038; Slow, Running at 25% to 30% Below Normal Market Activity"},"content":{"rendered":"<p style=\"text-align: justify;\">The housing downturn throughout Canada persisted through September and, according to the Royal Bank of Canada (RBC), has a longer run ahead.<\/p>\n<p style=\"text-align: justify;\">This was echoed by the British Columbia Real Estate Association in their most recent market report which shows that residential unit sales in September 2022 saw a decrease of 45.8% from September 2021. Nationwide, this month marked the seventh-straight monthly decline in home resales.<\/p>\n<p style=\"text-align: justify;\">BCREA Chief Economist Brendon Ogmundson says that the market is currently running at 25% to 30% below normal market activity.\u201cMortgage qualifying continues to be a significant hurdle for many potential buyers as interest rates rise,\u201d he said in the report.<\/p>\n<p style=\"text-align: justify;\">The report also indicated that the total sales dollar volume for September was $4.6 billion, a 44.9% decline from the same time last year.<\/p>\n<p style=\"text-align: justify;\">In addition, RBC says that property values similarly have declined in the past six months in key BC markets, including Vancouver.<\/p>\n<p style=\"text-align: justify;\">According to chief economist at the BCREA, interest rate levels are making mortgage qualifications a hurdle for British Columbians.<\/p>\n<p style=\"text-align: justify;\">\u201cThe trend that was really prevalent during the pandemic was that prices in markets outside of the city of Vancouver were going up faster than the City of Vancouver. So the further you were away from Vancouver the more prices were rising in 2021,\u201d said Ogmundson in an interview.<\/p>\n<p style=\"text-align: justify;\">\u201cIn 2022 it&#8217;s the exact opposite story, where the further you are from Vancouver, the more prices are coming down. So, markets like Chilliwack and Abbotsford are down a lot more than what we see in Richmond or Burnaby or city Vancouver.\u201d<\/p>\n<p style=\"text-align: justify;\">Ogmundson says that in the coming weeks, the Bank of Canada will raise interest rates once again by somewhere between 50 and 75 basis points.<\/p>\n<p style=\"text-align: justify;\">This has already been factored into fixed-rate mortgages, which Ogmundson says are at roughly 5.25%.<\/p>\n<p style=\"text-align: justify;\">\u201cI think they&#8217;ll probably go a little bit higher by the end of the year, maybe something closer to five and a half. Variable rates are gonna go up a lot,\u201d he said.<\/p>\n<p style=\"text-align: justify;\">British Columbians can expect the market to remain slow as we enter into early pandemic level sales volumes.<\/p>\n<p style=\"text-align: justify;\">\u201cUnless we get a really significant build up of unsold homes on the market, a large accumulation of inventory, it&#8217;s hard to see prices really going a lot lower,\u201d Ogmundson said.<\/p>\n<p style=\"text-align: justify;\">\u201cSo you would really need a significant imbalance of supply over demand. We have really weak demand, but that supply just hasn&#8217;t accumulated as much as we thought it would at this point.\u201d<\/p>\n<p><a href=\"https:\/\/biv.com\/article\/2022\/10\/september-market-reports-show-housing-downturn-here-stay\" target=\"_blank\" rel=\"noopener\">Housing Remains Low and Slow Throughout September in BC, Across Canada<\/a> by Claire Wilson | BIV<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The housing downturn throughout Canada persisted through September and, according to the Royal Bank of Canada (RBC), has a longer run ahead. This was echoed by the British Columbia Real &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2022\/10\/housing-remains-low-slow-running-at-25-to-30-below-normal-market-activity\/\">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-20741","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>Housing Remains Low &amp; Slow, Running at 25% to 30% Below Normal Market Activity &#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\/2022\/10\/housing-remains-low-slow-running-at-25-to-30-below-normal-market-activity\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Housing Remains Low &amp; Slow, Running at 25% to 30% Below Normal Market Activity &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"The housing downturn throughout Canada persisted through September and, according to the Royal Bank of Canada (RBC), has a longer run ahead. 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