{"id":5650,"date":"2017-04-26T10:10:19","date_gmt":"2017-04-26T17:10:19","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=5650"},"modified":"2017-04-24T17:33:48","modified_gmt":"2017-04-25T00:33:48","slug":"vancouver-housing-crash-unlikely-in-the-near-term","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/04\/vancouver-housing-crash-unlikely-in-the-near-term\/","title":{"rendered":"Vancouver Housing Crash Unlikely in the Near Term"},"content":{"rendered":"<p style=\"text-align: justify;\">Affordability in Vancouver has improved slightly following the implementation of the foreign-buyer tax in August, but it remains a \u201cmajor vulnerability\u201d in the city, according to an RBC report released April 24.<\/p>\n<p style=\"text-align: justify;\">This doesn\u2019t mean a crash is likely, however, because the city\u2019s employment situation is solid, according to the report.<\/p>\n<p style=\"text-align: justify;\">The jobless rate in the city has fallen to 4.7% \u2013 the lowest it has been since 2008, and this trend is expected to continue, providing \u201csubstantial support\u201d to the housing market, according to RBC.<\/p>\n<p style=\"text-align: justify;\">One factor that could lead to vulnerabilities in the medium term is a declining adult population growth rate. Between March 2016 and March 2017, the growth rate was 1.4%; this is down from 1.9% over the previous year. According to RBC, this means the growth rate has dipped below a 1.5% threshold that signals the existence of elevated housing risks.<\/p>\n<p style=\"text-align: justify;\">The market\u2019s demand-supply balance has eased over the past year, moving away from a strong seller\u2019s market. This happened quickly, with policy changes over the past several months lowering price expectations between September 2016 and January of this year, particularly for single-detached homes. Prices increased slightly in February and March, however, which RBC said is due to many foreign buyers returning to the market after initially stepping aside after the 15% tax was implemented.<\/p>\n<p><a href=\"https:\/\/www.biv.com\/article\/2017\/4\/vancouver-housing-crash-unlikely-near-term-rbc\/\" target=\"_blank\" rel=\"noopener noreferrer\">RBC : Vancouver Housing Crash Unlikely in the Near Term<\/a> by Emma Crawford Hampel Business in Vancouver<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Affordability in Vancouver has improved slightly following the implementation of the foreign-buyer tax in August, but it remains a \u201cmajor vulnerability\u201d in the city, according to an RBC report released &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/04\/vancouver-housing-crash-unlikely-in-the-near-term\/\">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-5650","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>Vancouver Housing Crash Unlikely in the Near Term &#8226; 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