{"id":5591,"date":"2017-04-21T10:10:17","date_gmt":"2017-04-21T17:10:17","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=5591"},"modified":"2017-04-18T17:36:38","modified_gmt":"2017-04-19T00:36:38","slug":"home-price-correction-in-vancouver-may-be-short-lived","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/04\/home-price-correction-in-vancouver-may-be-short-lived\/","title":{"rendered":"Home-Price Correction in Vancouver May Be Short-Lived"},"content":{"rendered":"<p style=\"text-align: justify;\">Home prices have fallen across the Lower Mainland over the past year, but this may soon change, according to a Royal LePage report released April 18.<\/p>\n<p style=\"text-align: justify;\">The introduction of the foreign-buyer tax played a role in the price decreases as the number of homes sold has fallen, but there may be reason to believe this market correction could turn around soon, said Phil Soper, president and CEO of Royal LePage.<\/p>\n<p style=\"text-align: justify;\">\u201cThe principal victims of the B.C. government\u2019s foreign-buyer tax were Canadians who had planned to sell or buy a home and were frightened away by unsubstantiated rhetoric in which the Chinese were entirely to blame for Vancouver\u2019s housing shortage,\u201d Soper said. \u201cThe reality is that as much as 90% of the housing activity that disappeared overnight in the Lower Mianland after the tax was introduced was from Canadian residents, not foreign investors.<\/p>\n<p style=\"text-align: justify;\">\u201cHomebuyers are waking up to this reality and may be ready to rush back into the market.\u201d<\/p>\n<p style=\"text-align: justify;\">Soper said it is possible that in the next several weeks, \u201csix months of pent-up demand will be unleashed on the market,\u201d which could cause prices to increase to the levels they were before the foreign-buyer tax was introduced last year. At that time, there was already a market slowdown in place due to eroded affordability.<\/p>\n<p><a href=\"https:\/\/www.biv.com\/article\/2017\/4\/home-price-correction-vancouver-may-be-short-lived\/\" target=\"_blank\">Home-Price Correction in Vancouver May Be Short-Lived<\/a> by Emma Crawford Hampel | Business in Vancouver<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Home prices have fallen across the Lower Mainland over the past year, but this may soon change, according to a Royal LePage report released April 18. The introduction of the &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/04\/home-price-correction-in-vancouver-may-be-short-lived\/\">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-5591","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>Home-Price Correction in Vancouver May Be Short-Lived &#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\/04\/home-price-correction-in-vancouver-may-be-short-lived\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Home-Price Correction in Vancouver May Be Short-Lived &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Home prices have fallen across the Lower Mainland over the past year, but this may soon change, according to a Royal LePage report released April 18. The introduction of the &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=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/04\\\/home-price-correction-in-vancouver-may-be-short-lived\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/04\\\/home-price-correction-in-vancouver-may-be-short-lived\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"Home-Price Correction in Vancouver May Be Short-Lived\",\"datePublished\":\"2017-04-21T17:10:17+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/04\\\/home-price-correction-in-vancouver-may-be-short-lived\\\/\"},\"wordCount\":237,\"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\\\/2017\\\/04\\\/home-price-correction-in-vancouver-may-be-short-lived\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/04\\\/home-price-correction-in-vancouver-may-be-short-lived\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/04\\\/home-price-correction-in-vancouver-may-be-short-lived\\\/\",\"name\":\"Home-Price Correction in Vancouver May Be Short-Lived &#8226; 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