{"id":21282,"date":"2023-02-02T11:11:00","date_gmt":"2023-02-02T19:11:00","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=21282"},"modified":"2023-01-27T09:07:42","modified_gmt":"2023-01-27T17:07:42","slug":"bc-home-resale-activity-is-showing-signs-of-stabilizing-after-dropping-to-low-levels","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2023\/02\/bc-home-resale-activity-is-showing-signs-of-stabilizing-after-dropping-to-low-levels\/","title":{"rendered":"BC Home Resale Activity is Showing Signs of Stabilizing After Dropping to Low-Levels"},"content":{"rendered":"<p style=\"text-align: justify;\">Canada\u2019s housing market is inching closer to its \u201ccyclical bottom,\u201d and British Columbia is following suit, with home resale activity in the province gradually stabilizing, according to a recent housing market update from the Royal Bank of Canada (RBC) (TSX:RY).<\/p>\n<p style=\"text-align: justify;\">This has implications for the rest of BC\u2019s economy. Activity levels in the resale market tend to lead the rest of the economy, according to Brendon Ogmundson, chief economist with the British Columbia Real Estate Association.<\/p>\n<p style=\"text-align: justify;\">\u201cIf we\u2019re in an economy that\u2019s potentially headed for a recession in 2023, the pattern that you see throughout history is that sales decline well in advance of the recession, and then bottom out and start to recover one to four months or so into a recession,\u201d Ogmundson said.<\/p>\n<p style=\"text-align: justify;\">Currently, home sales in the Vancouver market, he said, are roughly 25% below normal levels and are \u201cabout as low as they can get,\u201d he added.<\/p>\n<p style=\"text-align: justify;\">According to Robert Hogue, assistant chief economist at RBC, activity in the Lower Mainland and Victoria is levelling off.<\/p>\n<p style=\"text-align: justify;\">\u201cRecent declines have slowed quite considerably, and we\u2019re probably not that far off from the bottom. But that being said, the level of activity, even in BC, is historically low right now. Things are quiet,\u201d he said.<\/p>\n<p style=\"text-align: justify;\">In the coming months, Hogue said he expects to see home prices depreciate further. The Multiple Listing Service (MLS) Home Price Index for BC has declined 10% from its February 2022 peak, with the index for Vancouver dropping 8%, according to RBC\u2019s market update.<\/p>\n<p style=\"text-align: justify;\">Despite the bottom being \u201cimminent,\u201d as described by Hogue, he predicts that recovery will be a \u201clarge muted affair at first.\u201d<\/p>\n<p style=\"text-align: justify;\">\u201cHigher interest rates and stretched affordability will continue to be huge issues for buyers throughout 2023 and possibly beyond. This is poised to keep activity quiet and limit any price gains,\u201d Hogue said in the update.<\/p>\n<p style=\"text-align: justify;\">Metro Vancouver home listings on MLS reached 53,865 in 2022, a 13.5% decrease compared to the 62,265 homes listed in 2021, according to the Real Estate Board of Greater Vancouver.<\/p>\n<p style=\"text-align: justify;\">\u201cIt\u2019s not hard to see a situation where the sales are rebounding into a market that is still under-supplied,\u201d Ogmundson said.<\/p>\n<p style=\"text-align: justify;\">Ogmundson said that even if BC hits its cyclical bottom, recovery will be slow throughout 2023, but strong in 2024.<\/p>\n<p style=\"text-align: justify;\">\u201cWhat we\u2019ve seen throughout history is that the year after a recession, the home sales in the province rise anywhere between 25% and 40%. But, that really relies on interest rates coming down,\u201d he said.<\/p>\n<p><a href=\"https:\/\/biv.com\/article\/2023\/01\/bcs-housing-market-nears-cyclical-bottom-rbc\" target=\"_blank\" rel=\"noopener\">RBC : BC Housing Market Nears &#8220;Cyclical Bottom&#8221;<\/a> by Claire Wilson | BIV<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Canada\u2019s housing market is inching closer to its \u201ccyclical bottom,\u201d and British Columbia is following suit, with home resale activity in the province gradually stabilizing, according to a recent housing &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2023\/02\/bc-home-resale-activity-is-showing-signs-of-stabilizing-after-dropping-to-low-levels\/\">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-21282","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>BC Home Resale Activity is Showing Signs of Stabilizing After Dropping to Low-Levels &#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\/2023\/02\/bc-home-resale-activity-is-showing-signs-of-stabilizing-after-dropping-to-low-levels\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BC Home Resale Activity is Showing Signs of Stabilizing After Dropping to Low-Levels &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Canada\u2019s housing market is inching closer to its \u201ccyclical bottom,\u201d and British Columbia is following suit, with home resale activity in the province gradually stabilizing, according to a recent housing &hellip; [read more]\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2023\\\/02\\\/bc-home-resale-activity-is-showing-signs-of-stabilizing-after-dropping-to-low-levels\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2023\\\/02\\\/bc-home-resale-activity-is-showing-signs-of-stabilizing-after-dropping-to-low-levels\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"BC Home Resale Activity is Showing Signs of Stabilizing After Dropping to Low-Levels\",\"datePublished\":\"2023-02-02T19:11:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2023\\\/02\\\/bc-home-resale-activity-is-showing-signs-of-stabilizing-after-dropping-to-low-levels\\\/\"},\"wordCount\":432,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"articleSection\":[\"Market Updates\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2023\\\/02\\\/bc-home-resale-activity-is-showing-signs-of-stabilizing-after-dropping-to-low-levels\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2023\\\/02\\\/bc-home-resale-activity-is-showing-signs-of-stabilizing-after-dropping-to-low-levels\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2023\\\/02\\\/bc-home-resale-activity-is-showing-signs-of-stabilizing-after-dropping-to-low-levels\\\/\",\"name\":\"BC Home Resale Activity is Showing Signs of Stabilizing After Dropping to Low-Levels &#8226; 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