{"id":5594,"date":"2017-04-20T11:11:49","date_gmt":"2017-04-20T18:11:49","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=5594"},"modified":"2017-04-18T17:37:59","modified_gmt":"2017-04-19T00:37:59","slug":"cooling-greater-vancouver-market-may-rebound-despite-government-policies","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/04\/cooling-greater-vancouver-market-may-rebound-despite-government-policies\/","title":{"rendered":"Cooling Greater Vancouver Market May Rebound Despite Government Policies"},"content":{"rendered":"<p style=\"text-align: justify;\">Activity in the Greater Vancouver housing market may rebound in the coming weeks, following a first quarter lull that saw buyers and sellers reluctant to make concrete moves in an uncertain market.<\/p>\n<p style=\"text-align: justify;\">According to Royal LePage\u2019s House Price Survey on the first quarter of 2017 released today, a price reset is happening in BC\u2019s Lower Mainland as the region grapples with its housing affordability crisis along with the implementation of recent government policies, including the Metro Vancouver foreign-buyer tax that came into effect last August.<\/p>\n<p style=\"text-align: justify;\">But despite the slowdown, which Royal LePage says is in response to the foreign-buyer tax, Vancouver housing may reverse course with homebuyers rushing back into the market.<\/p>\n<p style=\"text-align: justify;\">\u201cFor the first time in several years, real estate markets in Vancouver and Toronto are headed in opposite directions,\u201d says Phil Soper, Royal LePage President and CEO. \u201cThe Vancouver market stalled, as confused consumers took to the sidelines after a series of uncoordinated moves by all three levels of government,\u201d he adds.<\/p>\n<p style=\"text-align: justify;\">In the first quarter of 2017, the aggregate price of a home in Greater Vancouver was $1,179,482, a 12.3% year-over-year increase.<\/p>\n<p style=\"text-align: justify;\">Greater Vancouver\u2019s average home price last quarter is substantially lower compared to the 25.6% year-over-year increase seen in 2016\u2019s fourth quarter.<\/p>\n<p style=\"text-align: justify;\">This is the first time since 2013 that the region\u2019s home values as a whole declined on a quarterly basis.<\/p>\n<p style=\"text-align: justify;\">Meanwhile, during the same period the Greater Toronto Area has taken over as the nation\u2019s hottest market with its home price appreciation rising an unprecedented 20% compared to the first quarter of 2016.<\/p>\n<p style=\"text-align: justify;\">Instead of mitigating foreign purchases, Royal LePage argues the foreign-buyer tax deterred Canadian buyers and sellers the most, but heading into the next quarter, they may be more optimistic about participating in the market.<\/p>\n<p style=\"text-align: justify;\">\u201cThe reality is that as much as 90% of the housing activity that disappeared overnight in the Lower Mainland after the tax was introduced was from Canadian residents, not foreign investors,\u201d says Soper. \u201cHomebuyers are waking up to this reality and may be ready to rush back into the market,\u201d he adds.<\/p>\n<p style=\"text-align: justify;\">With increasing demand, Soper warns \u201cmarket whiplash\u201d could occur in the coming weeks, causing prices to soar again.<\/p>\n<p style=\"text-align: justify;\">In 2017\u2019s first quarter, the City of Vancouver also saw a slower rate of year-over-year home price appreciation compared to 2016\u2019s fourth quarter, with a 10.1% year-over-year increase to an aggregate price of $1,412,527.<\/p>\n<p style=\"text-align: justify;\">Elsewhere in the Lower Mainland, the regions of Langley, North Vancouver, Surrey and Richmond all saw price increases well over 10 per cent year-over-year, with Langley seeing the largest jump at\u00a0 21.2%. North Vancouver and Richmond both recorded average sale prices of over $1 million in the quarter.<\/p>\n<p style=\"text-align: justify;\">\u201cVancouver house prices are up compared to the first quarter of 2016, yet this doesn\u2019t tell the complete story,\u201d says Soper. \u201cFor weeks now, we have witnessed a steady fall in real estate values in the Lower Mainland, with sales activity down some 40 per cent compared to recent norms,\u201d he continues.<\/p>\n<p style=\"text-align: justify;\">Although BC\u2019s housing market is not reaching levels recorded last year, Royal LePage anticipates the province will continue to be an economic growth leader in the country.<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2017\/04\/cooling-greater-vancouver-market-may-rebound-despite-government-policies-royal-lepage.html\" target=\"_blank\">Cooling Greater Vancouver Market May Rebound Despite Government Policies<\/a> by Kerrisa Wilson | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Activity in the Greater Vancouver housing market may rebound in the coming weeks, following a first quarter lull that saw buyers and sellers reluctant to make concrete moves in an &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/04\/cooling-greater-vancouver-market-may-rebound-despite-government-policies\/\">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":[13],"tags":[],"class_list":["post-5594","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Cooling Greater Vancouver Market May Rebound Despite Government Policies &#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\/cooling-greater-vancouver-market-may-rebound-despite-government-policies\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Cooling Greater Vancouver Market May Rebound Despite Government Policies &#8226; 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