{"id":24520,"date":"2024-09-05T10:10:29","date_gmt":"2024-09-05T17:10:29","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=24520"},"modified":"2024-08-29T14:06:58","modified_gmt":"2024-08-29T21:06:58","slug":"bank-of-canada-policy-shift-has-positive-implications-for-bc-q3-housing-market","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2024\/09\/bank-of-canada-policy-shift-has-positive-implications-for-bc-q3-housing-market\/","title":{"rendered":"Bank Of Canada Policy Shift Has Positive Implications for BC Q3 Housing Market"},"content":{"rendered":"<p style=\"text-align: justify;\">Vancouver, BC \u2013 August 26, 2024. The British Columbia Real Estate Association (BCREA) released its 2024 Third Quarter Housing Forecast Update today.<\/p>\n<p style=\"text-align: justify;\">Multiple Listing Service\u00ae (MLS\u00ae) residential sales in BC are forecast to increase 4.4% to 76,300 units this year. In 2025, MLS\u00ae residential sales are forecasted to strengthen further, rising to 86,475 units.<\/p>\n<p style=\"text-align: justify;\">&#8220;The Bank of Canada has shifted to easing policy following aggressive tightening since 2022,&#8221; said Brendon Ogmundson, BCREA Chief Economist. \u201cThis policy shift has positive implications for the BC housing market, and we expect home sales to rebound in the second half of this year with momentum carrying over into 2025.<\/p>\n<p style=\"text-align: justify;\">A steady supply of new listings and sluggish sales over the first half of the year has resulted in the total inventory of homes for sale rising to its highest level since 2019. Market conditions have been trending near the lower end of what is traditionally defined as a balanced market. As such, average home prices have mostly trended sideways over the past year, with the notable exception of Greater Vancouver where the average price has returned to its 2022 peak.<\/p>\n<p>We anticipate that the average home price in BC will edge up slightly this year, rising 2% to an annual average of $990,500. As home sales pick up over the next year, we expect the market to tighten and for the average price in BC to rise 2.9% to an average of $1.02 million.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bcrea.bc.ca\/wp-content\/uploads\/2024-08-Forecast.pdf\" target=\"_blank\" rel=\"noopener\">Click here<\/a> for the complete news release, including detailed statistics.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bcrea.bc.ca\/economics\/housing-forecast-update\/\" target=\"_blank\" rel=\"noopener\">BCREA 2024 Third Quarter Housing Forecast Update &#8211; Home Sales Expected to Rise as Rates Fall<\/a> by Brendon Ogmundson | Amit Sidhu | BCREA<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vancouver, BC \u2013 August 26, 2024. The British Columbia Real Estate Association (BCREA) released its 2024 Third Quarter Housing Forecast Update today. Multiple Listing Service\u00ae (MLS\u00ae) residential sales in BC &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2024\/09\/bank-of-canada-policy-shift-has-positive-implications-for-bc-q3-housing-market\/\">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":[8,13],"tags":[],"class_list":["post-24520","post","type-post","status-publish","format-standard","hentry","category-market-updates","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Bank Of Canada Policy Shift Has Positive Implications for BC Q3 Housing Market &#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\/2024\/09\/bank-of-canada-policy-shift-has-positive-implications-for-bc-q3-housing-market\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Bank Of Canada Policy Shift Has Positive Implications for BC Q3 Housing Market &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Vancouver, BC \u2013 August 26, 2024. 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