{"id":5349,"date":"2017-03-28T10:10:57","date_gmt":"2017-03-28T17:10:57","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=5349"},"modified":"2017-03-27T18:58:08","modified_gmt":"2017-03-28T01:58:08","slug":"metro-vancouvers-cooling-housing-market-is-biggest-factor-for-bc-economy-downshift","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/03\/metro-vancouvers-cooling-housing-market-is-biggest-factor-for-bc-economy-downshift\/","title":{"rendered":"Metro Vancouver\u2019s Cooling Housing Market is Biggest Factor for BC Economy Downshift"},"content":{"rendered":"<p style=\"text-align: justify;\">British Columbia\u2019s economy is expected to lose momentum this year, as a slowdown in Metro Vancouver\u2019s once red-hot housing market will no longer be able to sustain the province\u2019s economy as it has in past years.<\/p>\n<p style=\"text-align: justify;\">With home sales dropping, most notably in Metro Vancouver, since late spring 2016, fewer new homes will be built in the province this year, which will affect BC\u2019s overall economic performance, according to a Business Council of BC (BCBC) report published last week.<\/p>\n<p style=\"text-align: justify;\">\u201cThere\u2019s still going to be a reasonable amount of activity but it\u2019s not more than the previous year so it won\u2019t be adding to growth. It will probably be detracting slightly from growth,\u201d BCBC Chief Economist and Vice President Ken Peacock tells BuzzBuzzNews.<\/p>\n<p style=\"text-align: justify;\">After three years of above average gains, BC\u2019s real gross domestic produce (GDP) growth is anticipated to drop to a below average rate of 2.2% over the next two years, compared to its above 3% growth last year.<\/p>\n<p style=\"text-align: justify;\">According to the report, residential real estate activity accounted for about 35% of BC\u2019s economic growth in 2015 to the first half of 2016.<\/p>\n<p style=\"text-align: justify;\">Residential real estate activity refers to a boost from residential construction, real estate legal and financial services and a lift in parts of the retail sector.<\/p>\n<p style=\"text-align: justify;\">However, as Metro Vancouver\u2019s elevated sales activity tapered off in the latter half of 2016 and with the introduction of the 15 per cent foreign-buyer tax for the region further dampening sales, a drop in BC\u2019s economic growth is to be expected, says the report.<\/p>\n<p style=\"text-align: justify;\">The slowdown in the province\u2019s residential real estate market is the biggest factor affecting BC\u2019s overall economic growth this year and next, according to the report.<\/p>\n<p style=\"text-align: justify;\">Other factors include a slowdown in BC\u2019s export growth, job creation, consumer spending and in the tourism, film and TV industries.<\/p>\n<p style=\"text-align: justify;\">Compared to 2016, single family home sales in Metro Vancouver, have declined 60 per cent and sales of attached and apartment units dropped 30 per cent, says the report.<\/p>\n<p style=\"text-align: justify;\">\u201cThere\u2019s still going to be a reasonable amount of activity but it\u2019s not more than the previous year so it won\u2019t be adding to growth, it\u2019ll probably be detracting slightly from growth,\u201d says Peacock.<\/p>\n<p style=\"text-align: justify;\">Last year, BC recorded the highest number of housing starts since 1993, with almost 42,000, says the report.<\/p>\n<p style=\"text-align: justify;\">With market activity cooling off, new home construction is expected to drop to 35,000-36,000 units this year and in 2018.<\/p>\n<p style=\"text-align: justify;\">According to the report, residential sales in 2017 will continue to decline, as the market remains impacted by last year\u2019s implementation of tighter mortgage insurance rules and the foreign-buyers tax.<\/p>\n<p style=\"text-align: justify;\">Peacock says the factor that would have the biggest potential impact on the market may still be on the horizon.<\/p>\n<p style=\"text-align: justify;\">An unanticipated increase in interest rates would dampen the housing sector even more than the foreign-buyers tax, he says.<\/p>\n<p style=\"text-align: justify;\">\u201cBut there\u2019s not any indication that there\u2019s going to be any significant hike in interest rates,\u201d he adds.<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2017\/03\/metro-vancouvers-cooling-housing-market-biggest-factor-bc-economy-downshift-bcbc.html\" target=\"_blank\">BCBC : Metro Vancouver\u2019s Cooling Housing Market is Biggest Factor for BC Economy Downshift<\/a> by Kerrisa Wilson | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>British Columbia\u2019s economy is expected to lose momentum this year, as a slowdown in Metro Vancouver\u2019s once red-hot housing market will no longer be able to sustain the province\u2019s economy &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/03\/metro-vancouvers-cooling-housing-market-is-biggest-factor-for-bc-economy-downshift\/\">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-5349","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>Metro Vancouver\u2019s Cooling Housing Market is Biggest Factor for BC Economy Downshift &#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\/metro-vancouvers-cooling-housing-market-is-biggest-factor-for-bc-economy-downshift\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Metro Vancouver\u2019s Cooling Housing Market is Biggest Factor for BC Economy Downshift &#8226; 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