{"id":4423,"date":"2016-12-28T15:15:32","date_gmt":"2016-12-28T23:15:32","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=4423"},"modified":"2017-01-20T13:56:51","modified_gmt":"2017-01-20T21:56:51","slug":"sanity-returning-to-market-double-digit-drop-in-vancouver-home-prices-in-2017","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/12\/sanity-returning-to-market-double-digit-drop-in-vancouver-home-prices-in-2017\/","title":{"rendered":"&#8220;Sanity Returning to Market&#8221; : Double-Digit drop in Vancouver Home Prices in 2017"},"content":{"rendered":"<p style=\"text-align: justify;\">Vancouver\u2019s long-awaited housing correction may be around the corner: prices are headed for a double-digit decline in 2017 as buyers drop out of the market, according to the head of Canada\u2019s largest real estate services company.<\/p>\n<p style=\"text-align: justify;\">\u201cHome prices had gotten so out of whack with the growth in underlying wages and salaries that there had to be a correction,\u201d said Phil Soper, chief executive officer of Royal LePage, a unit of Brookfield Real Estate Services Inc. \u201cAnd it\u2019ll happen in 2017.\u201d<\/p>\n<p style=\"text-align: justify;\">Royal LePage is preparing a formal forecast for release in early January based on data from Brookfield, which also runs the nation\u2019s biggest property valuation company. Those appraisals are used by banks, insurance companies and mortgage underwriters.<\/p>\n<p style=\"text-align: justify;\">\u201cWe\u2019re looking at all these trends,\u201d Soper said. \u201cIf it\u2019s not double digit, it\u2019ll be close to it.\u201d<\/p>\n<p style=\"text-align: justify;\">Buyers began to pull back earlier this year as prices shot out of range for most residents, with the typical single-family house skyrocketing nearly 40% over a 12-month period. That helped put the Pacific Coast town at No. 1 on a global ranking of cities most at risk of a housing bubble by UBS Group.<\/p>\n<p style=\"text-align: justify;\">A series of policy moves aimed at cooling the market \u2014 including a 15 per cent tax on foreign buyers and tighter mortgage rules \u2014 has \u201chammered\u201d sentiment, accelerating a slowdown that had already begun, Soper said. The regional market is especially susceptible because such a large share of households\u2019 disposable income goes to housing, he said.<\/p>\n<p style=\"text-align: justify;\">\u201cIt\u2019s a twitchy market \u2014 people live on more of a hair trigger,\u201d he said. \u201cWhen there\u2019s a change in external circumstances \u2014 like interest rates or economic confidence or government regulation \u2014 you feel it much more acutely if your mortgage eats up twice your disposable income compared to someone elsewhere.\u201d<\/p>\n<p style=\"text-align: justify;\">The number of residential property transactions fell in November for the fifth straight month in Canada\u2019s third-largest city. Typically, there\u2019s about a six-month lag between the time demand starts to slow and prices begin to fall, Soper said from his Toronto office.<\/p>\n<p style=\"text-align: justify;\">\u201cThank goodness there\u2019s going to be a measure of sanity returning to the market,\u201d he said. \u201cIt\u2019ll be healthy for the industry.\u201d<\/p>\n<p style=\"text-align: justify;\">Still, those expecting Vancouver to become affordable again may be in for a disappointment.<\/p>\n<p style=\"text-align: justify;\">The typical single-family house has surged past $1.51 million (US$1.13 million), about 20 times the median household income in the region. Those types of homes are likely to see the biggest declines because they had run up so fast, Soper said. Still, a 10 per cent decrease would only bring prices back to about where they were in March.<\/p>\n<p style=\"text-align: justify;\">\u201cIt\u2019s a beautiful part of the country, it\u2019s a vibrant city with a strong, diverse economy \u2014 it makes sense it\u2019s more expensive,\u201d Soper said. \u201cIt just shouldn\u2019t be rising at 30 per cent a year. That\u2019s where you cross the line into insanity.\u201d<\/p>\n<p><a href=\"http:\/\/business.financialpost.com\/personal-finance\/mortgages-real-estate\/sanity-returning-to-market-lepage-predicts-double-digit-drop-in-vancouver-home-prices-in-2017\" target=\"_blank\">&#8220;Sanity Returning to Market&#8221; : LePage Predicts Double-Digit drop in Vancouver Home Prices in 2017<\/a> by Natalie Obiko Pearson | Financial Post<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vancouver\u2019s long-awaited housing correction may be around the corner: prices are headed for a double-digit decline in 2017 as buyers drop out of the market, according to the head of &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/12\/sanity-returning-to-market-double-digit-drop-in-vancouver-home-prices-in-2017\/\">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-4423","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>&quot;Sanity Returning to Market&quot; : Double-Digit drop in Vancouver Home Prices in 2017 &#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\/12\/sanity-returning-to-market-double-digit-drop-in-vancouver-home-prices-in-2017\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"&quot;Sanity Returning to Market&quot; : Double-Digit drop in Vancouver Home Prices in 2017 &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Vancouver\u2019s long-awaited housing correction may be around the corner: prices are headed for a double-digit decline in 2017 as buyers drop out of the market, according to the head of &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=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/12\\\/sanity-returning-to-market-double-digit-drop-in-vancouver-home-prices-in-2017\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/12\\\/sanity-returning-to-market-double-digit-drop-in-vancouver-home-prices-in-2017\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"&#8220;Sanity Returning to Market&#8221; : Double-Digit drop in Vancouver Home Prices in 2017\",\"datePublished\":\"2016-12-28T23:15:32+00:00\",\"dateModified\":\"2017-01-20T21:56:51+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/12\\\/sanity-returning-to-market-double-digit-drop-in-vancouver-home-prices-in-2017\\\/\"},\"wordCount\":514,\"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\\\/2016\\\/12\\\/sanity-returning-to-market-double-digit-drop-in-vancouver-home-prices-in-2017\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/12\\\/sanity-returning-to-market-double-digit-drop-in-vancouver-home-prices-in-2017\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/12\\\/sanity-returning-to-market-double-digit-drop-in-vancouver-home-prices-in-2017\\\/\",\"name\":\"\\\"Sanity Returning to Market\\\" : Double-Digit drop in Vancouver Home Prices in 2017 &#8226; Rory C Real Estate | Oakwyn Realty\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\"},\"datePublished\":\"2016-12-28T23:15:32+00:00\",\"dateModified\":\"2017-01-20T21:56:51+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/12\\\/sanity-returning-to-market-double-digit-drop-in-vancouver-home-prices-in-2017\\\/#breadcrumb\"},\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/12\\\/sanity-returning-to-market-double-digit-drop-in-vancouver-home-prices-in-2017\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/12\\\/sanity-returning-to-market-double-digit-drop-in-vancouver-home-prices-in-2017\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"&#8220;Sanity Returning to Market&#8221; : Double-Digit drop in Vancouver Home Prices in 2017\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\",\"name\":\"Rory C Real Estate | Oakwyn Realty\",\"description\":\"Rory C Real Estate Updates | Home Selling &amp; Buying\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-CA\"},{\"@type\":[\"Person\",\"Organization\"],\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\",\"name\":\"Rory Clipsham\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-CA\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"contentUrl\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"width\":504,\"height\":504,\"caption\":\"Rory Clipsham\"},\"logo\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\"},\"sameAs\":[\"http:\\\/\\\/www.roryc.ca\\\/\",\"https:\\\/\\\/www.facebook.com\\\/pg\\\/BurnabyandCoquitlamHomes\\\/about\\\/?ref=page_internal\",\"https:\\\/\\\/www.instagram.com\\\/roryclipshamhomes\\\/\",\"https:\\\/\\\/x.com\\\/RoryClipsham\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"\"Sanity Returning to Market\" : Double-Digit drop in Vancouver Home Prices in 2017 &#8226; Rory C Real Estate | Oakwyn Realty","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.roryc.ca\/blog\/2016\/12\/sanity-returning-to-market-double-digit-drop-in-vancouver-home-prices-in-2017\/","twitter_card":"summary_large_image","twitter_title":"\"Sanity Returning to Market\" : Double-Digit drop in Vancouver Home Prices in 2017 &#8226; Rory C Real Estate | Oakwyn Realty","twitter_description":"Vancouver\u2019s long-awaited housing correction may be around the corner: prices are headed for a double-digit decline in 2017 as buyers drop out of the market, according to the head of &hellip; [read more]","twitter_creator":"@RoryClipsham","twitter_site":"@RoryClipsham","twitter_misc":{"Written by":"Rory Clipsham","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.roryc.ca\/blog\/2016\/12\/sanity-returning-to-market-double-digit-drop-in-vancouver-home-prices-in-2017\/#article","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/2016\/12\/sanity-returning-to-market-double-digit-drop-in-vancouver-home-prices-in-2017\/"},"author":{"name":"Rory Clipsham","@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"headline":"&#8220;Sanity Returning to Market&#8221; : Double-Digit drop in Vancouver Home Prices in 2017","datePublished":"2016-12-28T23:15:32+00:00","dateModified":"2017-01-20T21:56:51+00:00","mainEntityOfPage":{"@id":"https:\/\/www.roryc.ca\/blog\/2016\/12\/sanity-returning-to-market-double-digit-drop-in-vancouver-home-prices-in-2017\/"},"wordCount":514,"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\/2016\/12\/sanity-returning-to-market-double-digit-drop-in-vancouver-home-prices-in-2017\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.roryc.ca\/blog\/2016\/12\/sanity-returning-to-market-double-digit-drop-in-vancouver-home-prices-in-2017\/","url":"https:\/\/www.roryc.ca\/blog\/2016\/12\/sanity-returning-to-market-double-digit-drop-in-vancouver-home-prices-in-2017\/","name":"\"Sanity Returning to Market\" : Double-Digit drop in Vancouver Home Prices in 2017 &#8226; Rory C Real Estate | Oakwyn Realty","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/#website"},"datePublished":"2016-12-28T23:15:32+00:00","dateModified":"2017-01-20T21:56:51+00:00","breadcrumb":{"@id":"https:\/\/www.roryc.ca\/blog\/2016\/12\/sanity-returning-to-market-double-digit-drop-in-vancouver-home-prices-in-2017\/#breadcrumb"},"inLanguage":"en-CA","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.roryc.ca\/blog\/2016\/12\/sanity-returning-to-market-double-digit-drop-in-vancouver-home-prices-in-2017\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.roryc.ca\/blog\/2016\/12\/sanity-returning-to-market-double-digit-drop-in-vancouver-home-prices-in-2017\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.roryc.ca\/blog\/"},{"@type":"ListItem","position":2,"name":"&#8220;Sanity Returning to Market&#8221; : Double-Digit drop in Vancouver Home Prices in 2017"}]},{"@type":"WebSite","@id":"https:\/\/www.roryc.ca\/blog\/#website","url":"https:\/\/www.roryc.ca\/blog\/","name":"Rory C Real Estate | Oakwyn Realty","description":"Rory C Real Estate Updates | Home Selling &amp; Buying","publisher":{"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.roryc.ca\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-CA"},{"@type":["Person","Organization"],"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7","name":"Rory Clipsham","image":{"@type":"ImageObject","inLanguage":"en-CA","@id":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","url":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","contentUrl":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","width":504,"height":504,"caption":"Rory Clipsham"},"logo":{"@id":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg"},"sameAs":["http:\/\/www.roryc.ca\/","https:\/\/www.facebook.com\/pg\/BurnabyandCoquitlamHomes\/about\/?ref=page_internal","https:\/\/www.instagram.com\/roryclipshamhomes\/","https:\/\/x.com\/RoryClipsham"]}]}},"_links":{"self":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/4423","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/comments?post=4423"}],"version-history":[{"count":2,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/4423\/revisions"}],"predecessor-version":[{"id":4688,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/4423\/revisions\/4688"}],"wp:attachment":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/media?parent=4423"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/categories?post=4423"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/tags?post=4423"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}