{"id":6772,"date":"2017-08-24T11:11:54","date_gmt":"2017-08-24T18:11:54","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=6772"},"modified":"2017-08-23T17:33:22","modified_gmt":"2017-08-24T00:33:22","slug":"tight-real-estate-supply-discouraging-upward-market-movement","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/08\/tight-real-estate-supply-discouraging-upward-market-movement\/","title":{"rendered":"Tight Real Estate Supply Discouraging Upward Market Movement"},"content":{"rendered":"<p style=\"text-align: justify;\"><strong>Tight Markets<\/strong><\/p>\n<p style=\"text-align: justify;\">The BC Real Estate Association\u2019s (BCREA) latest monthly analysis of provincial real estate sales flags the potential for a return to more balanced market conditions by the end of the year, even as a lack of supply continues to drive home prices higher. BCREA chief economist Cameron Muir said home sale volumes are moderating, while more buyers are listing properties.<\/p>\n<p style=\"text-align: justify;\">Buyers aren\u2019t out of the woods yet, however. Muir suggested that the improvement might simply mean that buyers will be faced with a 10-year low in supply.<\/p>\n<p style=\"text-align: justify;\">\u201cInstead of 20-year lows, we\u2019re at 10- or 12-year lows,\u201d he said last week. \u201cThat trend will have to continue some time before we see any balancing in the marketplace.\u201d<\/p>\n<p style=\"text-align: justify;\">But if misery loves company, the world has plenty to offer local buyers wrestling with local realty.<\/p>\n<p style=\"text-align: justify;\">Reports from south of the border indicate a similar dearth of listings across the U.S.<\/p>\n<p style=\"text-align: justify;\">Resale listings hit a 17-year low earlier this year, and Lawrence Yun, chief economist with the National Association of Realtors, continued to express concerns at the end of July.<\/p>\n<p style=\"text-align: justify;\">\u201cLow supply is an ongoing issue holding back activity,\u201d he said. \u201cHousing inventory declined last month and is a staggering 7.1% lower than a year ago.\u201d<\/p>\n<p style=\"text-align: justify;\">While every market is different, supply and demand play a role, said Tom Davidoff, director of the University of British Columbia\u2019s Centre for Urban Economics and Real Estate. On the one hand, strong demand might eat into listings; on the other, people might opt not to replenish listings.<\/p>\n<p style=\"text-align: justify;\">\u201cOne thing I heard is that high prices are preventing trade-up,\u201d he said of local markets.<\/p>\n<p style=\"text-align: justify;\">This isn\u2019t typical, however, because higher prices should make it easier for owners to trade up, freeing more affordable properties for first-time buyers. But price escalation could be leaving everyone behind.<\/p>\n<p style=\"text-align: justify;\">\u201cWhen markets are extremely tight, home sellers, if they\u2019re going to sell and buy in the same region, they\u2019re going to be faced with the same tight supply,\u201d said Muir.<\/p>\n<p style=\"text-align: justify;\">But he expressed faith in home prices to induce a correction (something those who #donthaveamillion might question).<\/p>\n<p style=\"text-align: justify;\"><strong>Tight Supplies<\/strong><\/p>\n<p style=\"text-align: justify;\">A comparison of the Seattle and Vancouver real estate markets from Seattle\u2019s Sightline Institute has drawn attention in various circles this summer. Yet perhaps the most interesting aspect of its critique of housing markets in the two cities is how different variables can create similar experiences. This line stands out: \u201cVancouver builders have focused on condos rather than rentals, while in Seattle the opposite has been true.\u201d<\/p>\n<p style=\"text-align: justify;\">The report contends that the result has been little to buy but plenty to rent in Seattle, at least for affluent tech-sector workers: \u201cCompared with Vancouver, Seattle has had a more sustained, hotter job market, adding many high-paying tech jobs.\u201d Indeed, the report names Seattle among the top five cities in the U.S. where renters have the means to buy, if only product were available.<\/p>\n<p style=\"text-align: justify;\">Vancouver, on the other hand, lacks not only a standing inventory of homes to buy, but also a supply that matches local incomes. Homeowners, as successive reports from CIBC economists indicate, are therefore more likely to renovate than relocate.<\/p>\n<p style=\"text-align: justify;\">Sightline argues that what buyers really need are options.<\/p>\n<p style=\"text-align: justify;\">\u201cTaxes on foreign buyers or empty homes may be helpful partial responses to housing bubbles, where they occur,\u201d the report concludes. \u201cBut the surest way to end harmful speculation in the housing market is to deal with shortage by creating ample homes.\u201d \u2022<\/p>\n<p><a href=\"https:\/\/www.biv.com\/article\/2017\/8\/tight-real-estate-supply-discouraging-upward-marke\/\" target=\"_blank\" rel=\"noopener\">Tight Real Estate Supply Discouraging Upward Market Movement<\/a> by Peter Mitham | Business in Vancouver<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tight Markets The BC Real Estate Association\u2019s (BCREA) latest monthly analysis of provincial real estate sales flags the potential for a return to more balanced market conditions by the end &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/08\/tight-real-estate-supply-discouraging-upward-market-movement\/\">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-6772","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>Tight Real Estate Supply Discouraging Upward Market Movement &#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\/08\/tight-real-estate-supply-discouraging-upward-market-movement\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Tight Real Estate Supply Discouraging Upward Market Movement &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Tight Markets The BC Real Estate Association\u2019s (BCREA) latest monthly analysis of provincial real estate sales flags the potential for a return to more balanced market conditions by the end &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=\"3 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\\\/08\\\/tight-real-estate-supply-discouraging-upward-market-movement\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/08\\\/tight-real-estate-supply-discouraging-upward-market-movement\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"Tight Real Estate Supply Discouraging Upward Market Movement\",\"datePublished\":\"2017-08-24T18:11:54+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/08\\\/tight-real-estate-supply-discouraging-upward-market-movement\\\/\"},\"wordCount\":603,\"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\\\/08\\\/tight-real-estate-supply-discouraging-upward-market-movement\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/08\\\/tight-real-estate-supply-discouraging-upward-market-movement\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/08\\\/tight-real-estate-supply-discouraging-upward-market-movement\\\/\",\"name\":\"Tight Real Estate Supply Discouraging Upward Market Movement &#8226; Rory C Real Estate | Oakwyn Realty\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\"},\"datePublished\":\"2017-08-24T18:11:54+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/08\\\/tight-real-estate-supply-discouraging-upward-market-movement\\\/#breadcrumb\"},\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/08\\\/tight-real-estate-supply-discouraging-upward-market-movement\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/08\\\/tight-real-estate-supply-discouraging-upward-market-movement\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Tight Real Estate Supply Discouraging Upward Market Movement\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\",\"name\":\"Rory C Real Estate | Oakwyn Realty\",\"description\":\"Rory C Real Estate Updates | Home Selling &amp; Buying\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-CA\"},{\"@type\":[\"Person\",\"Organization\"],\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\",\"name\":\"Rory Clipsham\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-CA\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"contentUrl\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"width\":504,\"height\":504,\"caption\":\"Rory Clipsham\"},\"logo\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\"},\"sameAs\":[\"http:\\\/\\\/www.roryc.ca\\\/\",\"https:\\\/\\\/www.facebook.com\\\/pg\\\/BurnabyandCoquitlamHomes\\\/about\\\/?ref=page_internal\",\"https:\\\/\\\/www.instagram.com\\\/roryclipshamhomes\\\/\",\"https:\\\/\\\/x.com\\\/RoryClipsham\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Tight Real Estate Supply Discouraging Upward Market Movement &#8226; Rory C Real Estate | Oakwyn Realty","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.roryc.ca\/blog\/2017\/08\/tight-real-estate-supply-discouraging-upward-market-movement\/","twitter_card":"summary_large_image","twitter_title":"Tight Real Estate Supply Discouraging Upward Market Movement &#8226; Rory C Real Estate | Oakwyn Realty","twitter_description":"Tight Markets The BC Real Estate Association\u2019s (BCREA) latest monthly analysis of provincial real estate sales flags the potential for a return to more balanced market conditions by the end &hellip; [read more]","twitter_creator":"@RoryClipsham","twitter_site":"@RoryClipsham","twitter_misc":{"Written by":"Rory Clipsham","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.roryc.ca\/blog\/2017\/08\/tight-real-estate-supply-discouraging-upward-market-movement\/#article","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/2017\/08\/tight-real-estate-supply-discouraging-upward-market-movement\/"},"author":{"name":"Rory Clipsham","@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"headline":"Tight Real Estate Supply Discouraging Upward Market Movement","datePublished":"2017-08-24T18:11:54+00:00","mainEntityOfPage":{"@id":"https:\/\/www.roryc.ca\/blog\/2017\/08\/tight-real-estate-supply-discouraging-upward-market-movement\/"},"wordCount":603,"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\/08\/tight-real-estate-supply-discouraging-upward-market-movement\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.roryc.ca\/blog\/2017\/08\/tight-real-estate-supply-discouraging-upward-market-movement\/","url":"https:\/\/www.roryc.ca\/blog\/2017\/08\/tight-real-estate-supply-discouraging-upward-market-movement\/","name":"Tight Real Estate Supply Discouraging Upward Market Movement &#8226; Rory C Real Estate | Oakwyn Realty","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/#website"},"datePublished":"2017-08-24T18:11:54+00:00","breadcrumb":{"@id":"https:\/\/www.roryc.ca\/blog\/2017\/08\/tight-real-estate-supply-discouraging-upward-market-movement\/#breadcrumb"},"inLanguage":"en-CA","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.roryc.ca\/blog\/2017\/08\/tight-real-estate-supply-discouraging-upward-market-movement\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.roryc.ca\/blog\/2017\/08\/tight-real-estate-supply-discouraging-upward-market-movement\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.roryc.ca\/blog\/"},{"@type":"ListItem","position":2,"name":"Tight Real Estate Supply Discouraging Upward Market Movement"}]},{"@type":"WebSite","@id":"https:\/\/www.roryc.ca\/blog\/#website","url":"https:\/\/www.roryc.ca\/blog\/","name":"Rory C Real Estate | Oakwyn Realty","description":"Rory C Real Estate Updates | Home Selling &amp; Buying","publisher":{"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.roryc.ca\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-CA"},{"@type":["Person","Organization"],"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7","name":"Rory Clipsham","image":{"@type":"ImageObject","inLanguage":"en-CA","@id":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","url":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","contentUrl":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","width":504,"height":504,"caption":"Rory Clipsham"},"logo":{"@id":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg"},"sameAs":["http:\/\/www.roryc.ca\/","https:\/\/www.facebook.com\/pg\/BurnabyandCoquitlamHomes\/about\/?ref=page_internal","https:\/\/www.instagram.com\/roryclipshamhomes\/","https:\/\/x.com\/RoryClipsham"]}]}},"_links":{"self":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/6772","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/comments?post=6772"}],"version-history":[{"count":1,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/6772\/revisions"}],"predecessor-version":[{"id":6773,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/6772\/revisions\/6773"}],"wp:attachment":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/media?parent=6772"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/categories?post=6772"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/tags?post=6772"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}