{"id":5606,"date":"2017-04-24T10:10:22","date_gmt":"2017-04-24T17:10:22","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=5606"},"modified":"2017-04-19T19:58:22","modified_gmt":"2017-04-20T02:58:22","slug":"metro-housing-market-bounces-back-in-march","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/04\/metro-housing-market-bounces-back-in-march\/","title":{"rendered":"Metro Housing Market Bounces Back in March"},"content":{"rendered":"<p style=\"text-align: justify;\">March housing data confirms what we speculated last month: the Lower Mainland down cycle has bottomed out. Proving that a market with a strong economy, low interest rates, positive demographics and an insatiable appetite for real estate can\u2019t be kept down indefinitely, home sales and prices popped higher in March.<\/p>\n<p style=\"text-align: justify;\">\u00a0\u00a0\u00a0\u00a0 <a href=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2017\/04\/Metro-housing-market-bounces-back-in-March.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-5609\" src=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2017\/04\/Metro-housing-market-bounces-back-in-March-300x130.jpg\" alt=\"\" width=\"503\" height=\"218\" srcset=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2017\/04\/Metro-housing-market-bounces-back-in-March-300x130.jpg 300w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2017\/04\/Metro-housing-market-bounces-back-in-March-768x332.jpg 768w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2017\/04\/Metro-housing-market-bounces-back-in-March-1024x443.jpg 1024w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2017\/04\/Metro-housing-market-bounces-back-in-March.jpg 1157w\" sizes=\"auto, (max-width: 503px) 100vw, 503px\" \/><\/a><\/p>\n<p style=\"text-align: justify;\">Based on our adjustments, Multiple Listing Service sales in the combined Abbotsford-Mission\/Metro Vancouver area climbed about 10% from February on a seasonally adjusted basis, but we wait for confirmation later this month with the release of official Canadian Real Estate Association statistics. Year-over-year, headline sales growth still looked terrible with a 30% decline, but a deeper look shows a noticeable improvement from the 40% decline in February. Moreover, as spring 2016 was by far a record pace, sales for March were above seasonal averages going back a decade.<\/p>\n<p style=\"text-align: justify;\">While sales are moderate, the market faces continuing pressure from a severe inventory shortage. New listings rebounded 10% from February, but the flow is down 15% from the fall, and down 24% year-over-year. Seasonally adjusted active listings, already near record lows, fell lower.<\/p>\n<p style=\"text-align: justify;\">Average prices continue to trend well below a year ago near $860,000 due to a shift towards multi-family homes and a geographic dispersion of sales, but benchmark prices are rising, with a surge in apartments and townhomes.<\/p>\n<p style=\"text-align: justify;\">We do not see a short-term solution to the supply problems in the market. Without a significant bump in listings, a 5% to 10% increase in the annual benchmark price index would not surprise.<\/p>\n<p style=\"text-align: justify;\">\u00a0\u00a0\u00a0\u00a0 <a href=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2017\/04\/march-market.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-5610\" src=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2017\/04\/march-market-300x146.png\" alt=\"\" width=\"507\" height=\"247\" srcset=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2017\/04\/march-market-300x146.png 300w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2017\/04\/march-market-768x373.png 768w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2017\/04\/march-market.png 884w\" sizes=\"auto, (max-width: 507px) 100vw, 507px\" \/><\/a><\/p>\n<p style=\"text-align: justify;\">While the housing market began a turnaround, B.C. international goods exports took a steep tumble in February, putting the brakes on what had been a strong export trend from late 2016 into 2017. Seasonally adjusted export sales fell 15% from January, marking the sharpest month-to-month contraction since early 2009. At $2.98 billion, unadjusted year-over-year sales fell from a 27% pace in January to 4.8%, with a wide array of products contributing to the deceleration.<\/p>\n<p style=\"text-align: justify;\">While an eye-popping drop-off, the decline partly reflects a rollback after aggressive gains in recent quarters, and sales were still up a moderate amount from a year ago. A recent run-up in energy exports, however, reversed course, contributing to the pullback. The easing of food, forestry and manufactured industrial goods exports could signal a softer trend.<\/p>\n<p style=\"text-align: justify;\">Real export growth is closer to 5% following February\u2019s pullback. We expect this softer performance to be a blip in the road. \u2022<\/p>\n<p><a href=\"https:\/\/www.biv.com\/article\/2017\/4\/metro-housing-market-bounces-back-march\/\" target=\"_blank\">Metro Housing Market Bounces Back in March<\/a> by Bryan Yu | Business in Vancouver<\/p>\n","protected":false},"excerpt":{"rendered":"<p>March housing data confirms what we speculated last month: the Lower Mainland down cycle has bottomed out. Proving that a market with a strong economy, low interest rates, positive demographics &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/04\/metro-housing-market-bounces-back-in-march\/\">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-5606","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>Metro Housing Market Bounces Back in March &#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\/metro-housing-market-bounces-back-in-march\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Metro Housing Market Bounces Back in March &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"March housing data confirms what we speculated last month: the Lower Mainland down cycle has bottomed out. 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