{"id":6856,"date":"2017-09-06T11:11:16","date_gmt":"2017-09-06T18:11:16","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=6856"},"modified":"2017-09-01T10:26:17","modified_gmt":"2017-09-01T17:26:17","slug":"millennials-could-be-driving-up-bc-condo-prices","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/09\/millennials-could-be-driving-up-bc-condo-prices\/","title":{"rendered":"Millennials Could Be Driving Up BC Condo Prices"},"content":{"rendered":"<p style=\"text-align: justify;\">BC condo prices are expected to see continued price gains this year and into 2018, as an influx of Millennials enter the market.<\/p>\n<p style=\"text-align: justify;\">As more members of the generational group are ready to buy their first home, they will exert additional pressure on limited affordable housing options, according to the British Columbia Real Estate Association\u2019s (BCREA) Housing Forecast Update, published on Thursday.<\/p>\n<p style=\"text-align: justify;\">\u201cThey\u2019re about as large as the Baby Boomers and we all know what happened to real estate markets when the Baby Boomers entered their household forming years,\u201d Cameron Muir, BCREA chief economist tells BuzzBuzzNews.<\/p>\n<p style=\"text-align: justify;\">By the end of this year, the average price of a home (including condos, detached and attached properties) in the province is forecast to be $715,190 \u2014 up 3.5% from last year.<\/p>\n<p style=\"text-align: justify;\">Currently, condo prices in many of Vancouver\u2019s surrounding suburban markets are growing at over 30% a year, says Muir.<\/p>\n<p style=\"text-align: justify;\">However, Millennials are only part of the story as most BC regions are experiencing a dearth of all property types for sale, creating seller\u2019s market conditions.<\/p>\n<p style=\"text-align: justify;\">BCREA says this imbalance is pushing prices higher for the most affordable home types as well as overall home prices across the province.<\/p>\n<p style=\"text-align: justify;\">In 2018, BC home prices are forecast to hit $744,660, a 4 per cent increase from 2017\u2019s expected average price.<\/p>\n<p style=\"text-align: justify;\">Sky-high prices in Greater Vancouver are projected to continue their ascent this year and next year as well.<\/p>\n<p style=\"text-align: justify;\">By the end of the year, the average price of a home in Greater Vancouver is forecast to be $1,040,000, up 2.2% above 2016\u2019s total.<\/p>\n<p style=\"text-align: justify;\">The region is also expected to sell a total of 36,200 units by the end of the year, an 11.4% drop from 40,880 units sold last year.<\/p>\n<p style=\"text-align: justify;\">Overall home sales across BC are forecast to drop over the next two years but will still remain above the 10-year average.<\/p>\n<p style=\"text-align: justify;\">Household demand continues to be fueled by the province\u2019s strong economic growth, an increase in employment and growing population.<\/p>\n<p style=\"text-align: justify;\">A total of 100,900 residential properties in BC are projected to change hands this year, down 10% from a record 112,200 sales in 2016.<\/p>\n<p style=\"text-align: justify;\">Muir says this decline is attributable to limited supply.<\/p>\n<p style=\"text-align: justify;\">\u201cThere would be more sales going on, particularly in Victoria, Vancouver and some of the other urban centers if there was a greater availability of supply. And that\u2019s a real challenge right now, \u201d says Muir.<\/p>\n<p style=\"text-align: justify;\">Home builders have nearly 40,000 units currently under construction in Metro Vancouver. Muir says about 80 per cent of these new homes will be condominiums, but until they\u2019re completed, an imbalance between supply and demand will persist.<\/p>\n<p style=\"text-align: justify;\">\u201cOnce many of those units are completed we\u2019ll likely see market conditions begin to trend toward more balance and less upward pressure on prices going forward,\u201d says Muir.<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2017\/09\/millennials-driving-bc-condo-prices.html\" target=\"_blank\" rel=\"noopener\">Here&#8217;s How Millennials Could Be Driving Up BC Condo Prices<\/a> by Kerrisa Wilson | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>BC condo prices are expected to see continued price gains this year and into 2018, as an influx of Millennials enter the market. As more members of the generational group &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/09\/millennials-could-be-driving-up-bc-condo-prices\/\">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-6856","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>Millennials Could Be Driving Up BC Condo Prices &#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\/09\/millennials-could-be-driving-up-bc-condo-prices\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Millennials Could Be Driving Up BC Condo Prices &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"BC condo prices are expected to see continued price gains this year and into 2018, as an influx of Millennials enter the market. 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