{"id":3174,"date":"2016-08-30T10:10:15","date_gmt":"2016-08-30T17:10:15","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=3174"},"modified":"2016-08-26T09:55:20","modified_gmt":"2016-08-26T16:55:20","slug":"record-bc-home-sales-expected-in-2016-despite-moderation-in-metro-vancouver","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/08\/record-bc-home-sales-expected-in-2016-despite-moderation-in-metro-vancouver\/","title":{"rendered":"Record BC Home Sales Expected in 2016 Despite Moderation in Metro Vancouver"},"content":{"rendered":"<p style=\"text-align: justify;\">The British Columbia Real Estate Association (BCREA) expects Metro Vancouver\u2019s new foreign buyers tax to help moderate housing market activity in the region, but still sees BC home sales totalling 113,000 units this year. That would be a new record, and an increase of over 10% from 2015.<\/p>\n<p style=\"text-align: justify;\">In an August 25th report, the organization explains that while the tax, which was introduced on August 2nd, \u201cis expected to accelerate a moderating trend in the market that began earlier in the year,\u201d other BC housing markets are \u201cperforming above expectations\u201d and offsetting a province-wide deceleration.<\/p>\n<p style=\"text-align: justify;\">BC\u2019s high home sales are largely being driven by strong economic growth, particularly in Vancouver, whose unemployment rate was the lowest in the country in July. According to the BCREA, that strength has led to an uptick in employment, as well as higher consumer confidence; as a result, BC residents are snapping up homes, apparel and other goods \u201cat above average levels.\u201d Increased migration from other provinces is also helping the BC economy \u2014 in particular, workers are coming from Alberta due to fewer job opportunities there.<\/p>\n<p style=\"text-align: justify;\">That said, home sales aren\u2019t universally high across BC, and the BCREA sees changes in the landscape coming in 2017. It notes that while the northern half of the province should remain a buyer\u2019s or balanced market next year, the southern half, currently a strong seller\u2019s market, will likely become more hospitable to buyers. It\u2019s basing that outlook on the fact a record number of homes are now under construction in Metro Vancouver, and on its prediction that the foreign buyers tax will reduce demand in the area.<\/p>\n<p style=\"text-align: justify;\">The BCREA believes BC\u2019s economic fundamentals continue to support above-average housing demand, but anticipates home sales easing off in 2017, recording a total of 104,400 units for the year.<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2016\/08\/record-bc-home-sales-expected-despite-metro-vancouver.html\" target=\"_blank\">Record BC Home Sales Expected in 2016 Despite Moderation in Metro Vancouver<\/a> by Charlotte McLeod | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The British Columbia Real Estate Association (BCREA) expects Metro Vancouver\u2019s new foreign buyers tax to help moderate housing market activity in the region, but still sees BC home sales totalling &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/08\/record-bc-home-sales-expected-in-2016-despite-moderation-in-metro-vancouver\/\">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-3174","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>Record BC Home Sales Expected in 2016 Despite Moderation in Metro Vancouver &#8226; 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