{"id":5222,"date":"2017-03-17T11:11:58","date_gmt":"2017-03-17T18:11:58","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=5222"},"modified":"2017-03-15T07:26:31","modified_gmt":"2017-03-15T14:26:31","slug":"house-price-correction-could-be-all-but-over","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/03\/house-price-correction-could-be-all-but-over\/","title":{"rendered":"House-Price Correction Could Be All But Over"},"content":{"rendered":"<p>It&#8217;s still too early to say if the Lower Mainland\u2019s housing-price correction is over, but February data points in that direction.<\/p>\n<p style=\"text-align: justify;\">\u00a0\u00a0\u00a0\u00a0 <a href=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2017\/03\/House-price-correction-could-be-all-but-over-1.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-5224\" src=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2017\/03\/House-price-correction-could-be-all-but-over-1-300x132.jpg\" alt=\"\" width=\"593\" height=\"261\" srcset=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2017\/03\/House-price-correction-could-be-all-but-over-1-300x132.jpg 300w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2017\/03\/House-price-correction-could-be-all-but-over-1-768x337.jpg 768w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2017\/03\/House-price-correction-could-be-all-but-over-1-1024x450.jpg 1024w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2017\/03\/House-price-correction-could-be-all-but-over-1.jpg 1139w\" sizes=\"auto, (max-width: 593px) 100vw, 593px\" \/><\/a><\/p>\n<p style=\"text-align: justify;\">While sales fell a whopping 42% year-over-year, market conditions were stronger than this suggests. February sales were comparable to a strong year-ago performance, which culminated in a record-high spring pace that ultimately yielded to below-average activity by year\u2019s end. While soft, February sales were in line with levels observed since the fall: a subdued pace consistent with 2014 levels, but hardly a crash.<\/p>\n<p style=\"text-align: justify;\">Meanwhile, prices firmed.<\/p>\n<p style=\"text-align: justify;\">While we do not emphasize average values given volatility, a 10% gain from January to $863,740 suggests positive momentum. More telling was composite Multiple Listing Service benchmark price growth from January of 1%, driven by acceleration in townhome and apartment prices, with detached-home prices unchanged. Year-over-year benchmark price growth of 16% compares with a 10% average price drop.<\/p>\n<p style=\"text-align: justify;\">Inventory shortages are supporting prices after a cumulative benchmark price decline of less than 4%. Adjusted for seasonality, both new home listings and active listings declined, contributing to seller\u2019s-market conditions, particularly for townhomes and apartments.<\/p>\n<p style=\"text-align: justify;\">Housing supply is expected to remain tight. Subdued sales reflect policy changes and affordability, not a deteriorating economy, meaning sellers are in a position to be patient or delay sales.<\/p>\n<p style=\"text-align: justify;\">Owner-buyers also face a lack of available properties to upgrade to, creating a low&#8211;inventory cycle. Short of a flood of new housing completions and vacant units in a short period or a severe recession that cuts jobs, prices are likely to hold stable.<\/p>\n<p style=\"text-align: justify;\">Following a commodity&#8211;sector pullback, non-residential capital expenditures in B.C. partly rebounded in 2016 and look set to increase this year.<\/p>\n<p style=\"text-align: justify;\">Estimated capital expenditures climbed 4.8% in 2016 to $27.6 billion after an 8% decline in 2015. Despite the increase, capital spending remained in line with the range observed since 2010 but was below 2014 levels in both nominal and inflation-adjusted terms. Among industries, capital investment was driven by a few select sectors, particularly public administration.<\/p>\n<p style=\"text-align: justify;\">Finance and insurance, real estate, utilities and non-energy mining helped boost overall spending.<\/p>\n<p style=\"text-align: justify;\">Statistics Canada\u2019s survey points to a mild uplift in capital spending driven by public-sector spending in 2017 of 3.4%.\u2022<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0 <a href=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2017\/03\/House-price-correction-could-be-all-but-over-2.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-5223\" src=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2017\/03\/House-price-correction-could-be-all-but-over-2-300x135.png\" alt=\"\" width=\"590\" height=\"266\" srcset=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2017\/03\/House-price-correction-could-be-all-but-over-2-300x135.png 300w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2017\/03\/House-price-correction-could-be-all-but-over-2-768x346.png 768w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2017\/03\/House-price-correction-could-be-all-but-over-2.png 886w\" sizes=\"auto, (max-width: 590px) 100vw, 590px\" \/><\/a><\/p>\n<p><a href=\"https:\/\/biv.com\/article\/2017\/3\/house-price-correction-could-be-all-over\/\" target=\"_blank\">House-Price Correction Could Be All But Over<\/a> by Bryan Yu | Business in Vancouver<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It&#8217;s still too early to say if the Lower Mainland\u2019s housing-price correction is over, but February data points in that direction. \u00a0\u00a0\u00a0\u00a0 While sales fell a whopping 42% year-over-year, market &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/03\/house-price-correction-could-be-all-but-over\/\">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-5222","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>House-Price Correction Could Be All But Over &#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\/2017\/03\/house-price-correction-could-be-all-but-over\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"House-Price Correction Could Be All But Over &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"It&#8217;s still too early to say if the Lower Mainland\u2019s housing-price correction is over, but February data points in that direction. \u00a0\u00a0\u00a0\u00a0 While sales fell a whopping 42% year-over-year, market &hellip; [read more]\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2017\/03\/House-price-correction-could-be-all-but-over-1.jpg\" \/>\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\\\/2017\\\/03\\\/house-price-correction-could-be-all-but-over\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/03\\\/house-price-correction-could-be-all-but-over\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"House-Price Correction Could Be All But Over\",\"datePublished\":\"2017-03-17T18:11:58+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/03\\\/house-price-correction-could-be-all-but-over\\\/\"},\"wordCount\":368,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"image\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/03\\\/house-price-correction-could-be-all-but-over\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2017\\\/03\\\/House-price-correction-could-be-all-but-over-1-300x132.jpg\",\"articleSection\":[\"Market Updates\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/03\\\/house-price-correction-could-be-all-but-over\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/03\\\/house-price-correction-could-be-all-but-over\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/03\\\/house-price-correction-could-be-all-but-over\\\/\",\"name\":\"House-Price Correction Could Be All But Over &#8226; 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