{"id":3140,"date":"2016-08-26T10:10:38","date_gmt":"2016-08-26T17:10:38","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=3140"},"modified":"2016-08-25T07:55:58","modified_gmt":"2016-08-25T14:55:58","slug":"bc-housing-market-to-remain-robust","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/08\/bc-housing-market-to-remain-robust\/","title":{"rendered":"BC Housing Market to Remain \u201cRobust\u201d"},"content":{"rendered":"<p style=\"text-align: justify;\">BC\u2019s housing market will be robust during the next two years, particularly in select regions outside Metro Vancouver, according to an August 24 report by Central 1 Credit Union, which is a payments processor and a trade association for its 42 member credit unions in BC and Ontario.<\/p>\n<p style=\"text-align: justify;\">Central 1 predicts that the median BC home will have a price increase of 12% this year, to $480,000. Prices will then rise 4% next year and 3.5% in 2018, its report noted.<\/p>\n<p style=\"text-align: justify;\">The benchmark price for Metro Vancouver homes rose $930,000 in July, or an extraordinary 32.6% more than a year ago, according to the Real Estate Board of Greater Vancouver (REBGV).<\/p>\n<p style=\"text-align: justify;\">Central 1 expects what it described as the &#8220;median&#8221; Metro Vancouver home price to rise 4% in 2017 and 4.4% in 2018.<\/p>\n<p style=\"text-align: justify;\">The forecast is good news for Central 1\u2019s members given that credit unions, like banks, would be vulnerable if the housing market were to tank.<\/p>\n<p style=\"text-align: justify;\">Moody\u2019s Investors Service released a report in June that estimated that Canada\u2019s mortgage lenders could have losses up to $17 billion if the country experienced a housing crash similar to the one in the U.S. eight years ago.<\/p>\n<p style=\"text-align: justify;\">Nonetheless, Central 1 is bullish.<\/p>\n<p style=\"text-align: justify;\">\u201cSince our spring forecast we have raised our outlook for prices, reflecting the strong momentum early in the year and tighter than expected market conditions,\u201d said Bryan Yu, who is a senior economist with Central 1.<\/p>\n<p style=\"text-align: justify;\">\u201cWe expect the pace of price hikes to slow through 2018.\u201d<\/p>\n<p style=\"text-align: justify;\">Central 1 acknowledged the controversial 15% provincial tax on foreigners who buy real estate in Metro Vancouver as a headwind on the market but Yu called it a \u201ctemporary but substantial short-term\u201d drag in what has been a long-term trend of increasing sales.<\/p>\n<p style=\"text-align: justify;\">He believes sales will be lower than previously forecast but still at what he considers an \u201celevated\u201d level \u2013 this despite REBGV statistics that show that sales are plummeting.<\/p>\n<p style=\"text-align: justify;\">Home sales in Metro Vancouver fell 18.9% in July, compared with the same month a year ago and 26.7% compared with June, according to REBGV numbers from earlier this month.<\/p>\n<p style=\"text-align: justify;\">\u201cThe tax [on foreign buyers] puts further downward sales pressure on a market already slowing from spring fever,\u201d Yu said. \u201cHowever, strength in the local economy will underpin sales and prices.\u201d<\/p>\n<p style=\"text-align: justify;\">Central 1 expects the biggest home price increases to be outside Metro Vancouver.<\/p>\n<p style=\"text-align: justify;\">Vancouver Island and southern Interior B.C. residential real estate market have rosier outlooks than previously anticipated, largely because those regions are not subject to the tax, Central 1 notes.<\/p>\n<p style=\"text-align: justify;\">In-migration and low interest rates will drive sales in those regions and tightened inventory will lift prices, the Central 1 report said.<\/p>\n<p style=\"text-align: justify;\">\u201cThe housing market is driven by continuing low interest rates, the growing economy and population increases,\u201d Yu said.\u00a0 \u201cThese fundamentals won\u2019t change through 2018.\u201d<\/p>\n<p><a href=\"https:\/\/www.biv.com\/article\/2016\/8\/bc-housing-market-remain-robust-central-1-credit-u\/\" target=\"_blank\">Central 1 Credit Union : BC Housing Market to Remain \u201cRobust\u201d<\/a> by Glen Korstrom | Business in Vancouver<\/p>\n","protected":false},"excerpt":{"rendered":"<p>BC\u2019s housing market will be robust during the next two years, particularly in select regions outside Metro Vancouver, according to an August 24 report by Central 1 Credit Union, which &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/08\/bc-housing-market-to-remain-robust\/\">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-3140","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 Housing Market to Remain \u201cRobust\u201d &#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\/2016\/08\/bc-housing-market-to-remain-robust\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BC Housing Market to Remain \u201cRobust\u201d &#8226; 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