{"id":6043,"date":"2017-05-31T10:10:51","date_gmt":"2017-05-31T17:10:51","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=6043"},"modified":"2017-05-29T19:32:51","modified_gmt":"2017-05-30T02:32:51","slug":"what-to-expect-from-vancouver-real-estate-in-the-coming-months","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/05\/what-to-expect-from-vancouver-real-estate-in-the-coming-months\/","title":{"rendered":"What to Expect from Vancouver Real Estate in the Coming Months"},"content":{"rendered":"<p style=\"text-align: justify;\">British Columbia\u2019s foreign-homebuyer tax for Metro Vancouver was no panacea for massive price gains in the red-hot housing market, experts suggest.<\/p>\n<p style=\"text-align: justify;\">\u201cIf it was damaging to begin with we would see significant drops in the prices of these homes,\u201d Aaron Chen, president of local brokerage AISA Real Estate Services, tells BuzzBuzzNews.<\/p>\n<p style=\"text-align: justify;\">\u201cWhat it really did was to cause a lot of investors or homebuyers to step on the sideline, to see if the prices come down or not,\u201d he adds.<\/p>\n<p style=\"text-align: justify;\">Last year in July, Greater Vancouver home prices saw a 30-plus per cent year-over-year increase compared to 2015.<\/p>\n<p style=\"text-align: justify;\">But when the tax was introduced in early August 2016, monthly price gains began waning, suggesting the tax was having a cooling effect on the market, at the time Canada\u2019s hottest.<\/p>\n<p style=\"text-align: justify;\">In fact, according to BMO Economics prices declined 4% from their peak in the five months following the levy\u2019s introduction, which came by way of a surprise announcement from the provincial government.<\/p>\n<p style=\"text-align: justify;\">Commenting on Ontario\u2019s recently implemented foreign-homebuyer tax, BMO Senior Economist Robert Kavcic addressed the limited effects of BC\u2019s measure.<\/p>\n<p style=\"text-align: justify;\">\u201cWhile peak price growth might be behind us, the question is how much the market will cool from the unsustainable [30-per-cent-plus] pace, and how long will the adjustment persist?\u201d Kavcic asks.<\/p>\n<p style=\"text-align: justify;\">\u201cIf Vancouver is any guide, the answers appear to be somewhat and not too long, at least while interest rates are pegged at current levels,\u201d writes Kavcic, answering his own query.<\/p>\n<p style=\"text-align: justify;\">From January to April 2017, the benchmark price of a home in Metro Vancouver increased five percent to $941,000, says the Real Estate Board of Greater Vancouver (REBGV), showing resilience in the tax\u2019s wake.<\/p>\n<p style=\"text-align: justify;\">Part of that has to do with Vancouver\u2019s global appeal, Chen says. Vancouver is considered a desirable city by many beyond Canada\u2019s borders, so the AISA president suggests the foreign-buyer tax won\u2019t deter overseas buyers from entering the market.<\/p>\n<p style=\"text-align: justify;\">\u201cIn short, Vancouver is in high demand for the affluent, and when comparing prices from where they come from they feel, even at the prices today, it still seems like a bargain to them,\u201d says Chen.<\/p>\n<p style=\"text-align: justify;\">Last month, Greater Vancouver saw a 25.7% decline in sales compared to April 2016 but sales were still running 4.8% above the 10-year average for the month, says REBGV.<\/p>\n<p style=\"text-align: justify;\">With continued demand striking the market, Chen says sales and home prices are predicted to continue on the upswing looking ahead.<\/p>\n<p style=\"text-align: justify;\">\u201cYou will see more transaction volumes for sure and prices are definitely creeping up as we speak,\u201d says Chen. \u201cIt may not move as fast as we had in the last three years but we\u2019re very bullish with regards to the Vancouver market going forward,\u201d he adds.<\/p>\n<p style=\"text-align: justify;\">As demand rages on, supply levels on the resale side of the market are dwindling.<\/p>\n<p style=\"text-align: justify;\">In April, Metro Vancouver had a total of 4,907 new listings, a decline of about 20% from the same month last year, according to REBGV.<\/p>\n<p style=\"text-align: justify;\">And with developers facing higher land costs in the area, Chen says costs are being passed down to homebuyers.<\/p>\n<p style=\"text-align: justify;\">\u201cThe development site prices continue to rise like there\u2019s no tomorrow, therefore driving up the cost to develop these sites. So as an end result they won\u2019t be able to sell it for cheap,\u201d says Chen.<\/p>\n<p style=\"text-align: justify;\">\u201cAnd developers are [building] because they sense the demand. That\u2019s why they are willing to buy land at unprecedented prices continuously year after year in the City of Vancouver,\u201d Chen adds.<\/p>\n<p style=\"text-align: justify;\">While the Vancouver market bounced back, Chen still doubts the rate of growth moving forward will match last year\u2019s record-breaking performance.<\/p>\n<p style=\"text-align: justify;\">\u201cAssuming the political positions don\u2019t change I don\u2019t think we\u2019re going to see what we\u2019ve witnessed last year moving onwards,\u201d says Chen.<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2017\/05\/expect-vancouver-real-estate-coming-months.html\" target=\"_blank\" rel=\"noopener noreferrer\">What to Expect from Vancouver Real Estate in the Coming Months<\/a> by Kerrisa Wilson | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>British Columbia\u2019s foreign-homebuyer tax for Metro Vancouver was no panacea for massive price gains in the red-hot housing market, experts suggest. \u201cIf it was damaging to begin with we would &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/05\/what-to-expect-from-vancouver-real-estate-in-the-coming-months\/\">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-6043","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What to Expect from Vancouver Real Estate in the Coming Months &#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\/what-to-expect-from-vancouver-real-estate-in-the-coming-months\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"What to Expect from Vancouver Real Estate in the Coming Months &#8226; 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