{"id":5896,"date":"2017-05-22T10:10:48","date_gmt":"2017-05-22T17:10:48","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=5896"},"modified":"2017-05-18T10:17:23","modified_gmt":"2017-05-18T17:17:23","slug":"vancouver-home-prices-will-continue-to-rise-this-summer","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/05\/vancouver-home-prices-will-continue-to-rise-this-summer\/","title":{"rendered":"RBC Economist Predicts Vancouver Home Prices Will Continue to Rise This Summer"},"content":{"rendered":"<p style=\"text-align: justify;\">One of Canada\u2019s most expensive markets, Vancouver, may be in for further home price increases this summer, as the region\u2019s cooling off period appears to be waning.<\/p>\n<p style=\"text-align: justify;\">After the region achieved record-level prices last year, the market began to show signs of easing in the latter half of 2016. However, according to RBC Economics\u2019 latest report published this week, prices are set to rebound over the next few months.<\/p>\n<p style=\"text-align: justify;\">\u201cIt looks like the market is tightening again which will put some upward pressure on prices,\u201d RBC Senior Economist Robert Hogue tells BuzzBuzzNews.<\/p>\n<p style=\"text-align: justify;\">In July last year, average home prices soared to $930,400, a record 32.6 percent year-over-year increase, according to the Real Estate Board of Greater Vancouver (REBGV). In the second half of 2016, price increases began to decelerate, likely due to the provincial government\u2019s attempt to cool the market with the introduction of a foreign-buyer tax.<\/p>\n<p style=\"text-align: justify;\">Last month, the average price of a home in Greater Vancouver was $941,100, an 11.4% increase compared to April 2016.<\/p>\n<p style=\"text-align: justify;\">April was the third consecutive month that Vancouver\u2019s home price index continued to increase in 2017. Hogue suggests this trend will persist in the upcoming warmer months.<\/p>\n<p style=\"text-align: justify;\">\u201cThe way that things are shaping up is that probably by June or July we should start to see the year-over-year price increase moving up in Vancouver,\u201d says Hogue.<\/p>\n<p style=\"text-align: justify;\">Last month, existing home sales in the region were up 15.6% compared to March 2017, says RBC.<\/p>\n<p style=\"text-align: justify;\">This increase impacted the sales-to-new listings ratio, which tightened for a third straight month in April to 0.73.<\/p>\n<p style=\"text-align: justify;\">Typically, when a ratio is above 0.6, home prices experience upward pressure, resulting in seller\u2019s market conditions, says REBGV.<\/p>\n<p style=\"text-align: justify;\">As for a repeat of last summer\u2019s 32% year-over-year home price increase, Hogue says with completed developments entering the market this year and next, that should mitigate pressure on prices.<\/p>\n<p style=\"text-align: justify;\">\u201cMy gut feeling is that it\u2019s unlikely, but it\u2019s not impossible,\u201d says Hogue.<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2017\/05\/rbc-economist-predicts-vancouver-home-prices-continue-rise-summer.html\" target=\"_blank\" rel=\"noopener noreferrer\">RBC Economist Predicts Vancouver Home Prices Will Continue to Rise This Summer<\/a> by Kerrisa Wilson | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>One of Canada\u2019s most expensive markets, Vancouver, may be in for further home price increases this summer, as the region\u2019s cooling off period appears to be waning. After the region &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/05\/vancouver-home-prices-will-continue-to-rise-this-summer\/\">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-5896","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>RBC Economist Predicts Vancouver Home Prices Will Continue to Rise This Summer &#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\/05\/vancouver-home-prices-will-continue-to-rise-this-summer\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"RBC Economist Predicts Vancouver Home Prices Will Continue to Rise This Summer &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"One of Canada\u2019s most expensive markets, Vancouver, may be in for further home price increases this summer, as the region\u2019s cooling off period appears to be waning. After the region &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=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/05\\\/vancouver-home-prices-will-continue-to-rise-this-summer\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/05\\\/vancouver-home-prices-will-continue-to-rise-this-summer\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"RBC Economist Predicts Vancouver Home Prices Will Continue to Rise This Summer\",\"datePublished\":\"2017-05-22T17:10:48+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/05\\\/vancouver-home-prices-will-continue-to-rise-this-summer\\\/\"},\"wordCount\":345,\"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\\\/05\\\/vancouver-home-prices-will-continue-to-rise-this-summer\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/05\\\/vancouver-home-prices-will-continue-to-rise-this-summer\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/05\\\/vancouver-home-prices-will-continue-to-rise-this-summer\\\/\",\"name\":\"RBC Economist Predicts Vancouver Home Prices Will Continue to Rise This Summer &#8226; 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