{"id":6271,"date":"2017-06-27T10:10:26","date_gmt":"2017-06-27T17:10:26","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=6271"},"modified":"2017-06-22T11:03:51","modified_gmt":"2017-06-22T18:03:51","slug":"vancouver-home-sales-forecast-to-slip-this-year-rebound-in-2018","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/06\/vancouver-home-sales-forecast-to-slip-this-year-rebound-in-2018\/","title":{"rendered":"Vancouver Home Sales Forecast to Slip This Year, Rebound in 2018"},"content":{"rendered":"<p style=\"text-align: justify;\">Both the number of homes sold and the average price are expected to drop overall this year in Greater Vancouver, according to a British Columbia Real Estate Association forecast published June 19, but 2018 will see both of these measures bounce back.<\/p>\n<p style=\"text-align: justify;\">This year, according to the association\u2019s forecast, approximately 36,500 homes are expected to change hands in the region; this is an almost 11% drop compared with 2016. In 2018, 38,400 homes are forecast to be sold \u2013 an increase of more than 5% compared with this year\u2019s forecast. The average selling price is anticipated to fall below the $1,000,000 mark, dropping 3.6% from $1,017,228 last year to around $980,790 in 2017. In 2018, the average selling price is expected to rise more than 4% to around $1,022,000.<\/p>\n<p style=\"text-align: justify;\">Across B.C. as a whole, the number of homes sold is expected to drop 10% to 101,030 units, from last year\u2019s record 112,209 units. The number is expected to slip another 0.5% in 2018.<\/p>\n<p style=\"text-align: justify;\">This year, the average B.C. home sale price is expected to drop because of an increasing demand for less expensive home types, such as condos. As well, a larger share of home sales is taking place outsider of the Greater Vancouver area, pushing average prices down further. The BCREA forecasts the average selling price will slip 1.1% this year, reaching $683,500 from $691,100 last year. In 2018, prices are expected to increase more than 5% to around $719,000.<\/p>\n<p style=\"text-align: justify;\">\u201cThe province is in its fourth year of above-trend economic growth,\u201d said BCREA chief economist Cameron Muir. \u201cStrong employment growth, consumer confidence and an influx of inter-provincial migrants are important drivers of the housing market this year.\u201d<\/p>\n<p style=\"text-align: justify;\">Muir said as more young British Columbians enter their \u201chousehold-forming years,\u201d demand for condos is increasing, placing pressure on the supply of this home type.<\/p>\n<p><a href=\"https:\/\/www.biv.com\/article\/2017\/6\/vancouver-home-sales-forecast-slip-year-rebound-20\/\" target=\"_blank\" rel=\"noopener\">BCREA : Vancouver Home Sales Forecast to Slip This Year, Rebound in 2018<\/a> by Emma Crawford Hampel | Business in Vancouver<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Both the number of homes sold and the average price are expected to drop overall this year in Greater Vancouver, according to a British Columbia Real Estate Association forecast published &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/06\/vancouver-home-sales-forecast-to-slip-this-year-rebound-in-2018\/\">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-6271","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 Home Sales Forecast to Slip This Year, Rebound in 2018 &#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\/06\/vancouver-home-sales-forecast-to-slip-this-year-rebound-in-2018\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Vancouver Home Sales Forecast to Slip This Year, Rebound in 2018 &#8226; 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