{"id":6959,"date":"2017-09-18T10:10:24","date_gmt":"2017-09-18T17:10:24","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=6959"},"modified":"2017-09-15T07:39:52","modified_gmt":"2017-09-15T14:39:52","slug":"bc-home-sales-may-change-course-in-2017","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/09\/bc-home-sales-may-change-course-in-2017\/","title":{"rendered":"BC Home Sales May Change Course in 2017"},"content":{"rendered":"<p style=\"text-align: justify;\">BC home sales remained unchanged in August compared to July but with rising prices and increased mortgage interest rates, demand could weaken throughout the remainder of the year.<\/p>\n<p style=\"text-align: justify;\">A total of 9,162 residential properties changed hands last month, up 2.4% from the same period a year ago, according to the British Columbia Real Estate Association\u2019s (BCREA) August 2017 data release published today.<\/p>\n<p style=\"text-align: justify;\">Although strong economic conditions are underpinning demand, affordability issue could alter market activity going forward.<\/p>\n<p style=\"text-align: justify;\">\u201cSome headwinds are going to be faced going forward as a result of home price appreciation and modestly increasing interest rates,\u201d BCREA\u2019s Chief Economist Cameron Muir tells BuzzBuzzNews.<\/p>\n<p style=\"text-align: justify;\">Last week, the Bank of Canada hiked the overnight rate, which influences the mortgage market, by 25 basis points to 1% \u2014 a move that could impact consumers\u2019 decisions to enter the market.<\/p>\n<p style=\"text-align: justify;\">Muir does note that BC home sales could have been stronger last month, but wildfires in the province caused \u201ca drop-off in buying activity.\u201d<\/p>\n<p style=\"text-align: justify;\">Last month, the average price of a home in BC was $678,186, a 19% increase from $596,281 in August 2016.<\/p>\n<p style=\"text-align: justify;\">In August 2016, the BC government implemented a 15% foreign-buyer tax for Greater Vancouver, which caused fewer foreign buyers to enter the market and more local homebuyers to observe from the sidelines.<\/p>\n<p style=\"text-align: justify;\">Muir adds that a year ago a smaller proportion of single-detached homes, particularly in the higher-end market, sold in the province, which also pulled down the average August 2016 price level.<\/p>\n<p style=\"text-align: justify;\">Home prices in BC\u2019s priciest market, Greater Vancouver, hit $982,454 in August, up roughly 18% from a year ago.<\/p>\n<p style=\"text-align: justify;\">Sales were also up in the region, totalling at 3,097 units, a 21.3% increase compared to 2,554 units in August 2016.<\/p>\n<p style=\"text-align: justify;\">A boost in sales was met with a rise in Greater Vancouver\u2019s supply last month.<\/p>\n<p style=\"text-align: justify;\">The region had a total of 9,470 active listings in August, a 3% increase from the same period last year.<\/p>\n<p style=\"text-align: justify;\">Conversely, Kamloops saw a drop in active listings last month. In fact, it saw the biggest annual decline out of all boards included in BCREA\u2019s data.<\/p>\n<p style=\"text-align: justify;\">In August, a total of 1,278 units were active in Kamloops, representing a 25.2% decrease from 1,708 units in August 2016.<\/p>\n<p style=\"text-align: justify;\">\u201cKamloops market has been quite strong this year and certainly in solid seller\u2019s market territory and rising prices have certainly been handed in this year in Kamloops,\u201d says Muir.<\/p>\n<p style=\"text-align: justify;\">Year-to-date, BC home sales dropped 15% to 73,267 units in August compared to a year ago. Meantime, the year-to-date average price of a home was $706,839, down 1% from August 2016\u2019s year-to-date price.<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2017\/09\/bc-home-sales-change-course-2017-two-factors.html?platform=hootsuite\" target=\"_blank\" rel=\"noopener\">BC Home Sales May Change Course in 2017 Thanks to These Two Factors<\/a> by Kerrisa Wilson | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>BC home sales remained unchanged in August compared to July but with rising prices and increased mortgage interest rates, demand could weaken throughout the remainder of the year. A total &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/09\/bc-home-sales-may-change-course-in-2017\/\">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-6959","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>BC Home Sales May Change Course in 2017 &#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\/bc-home-sales-may-change-course-in-2017\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BC Home Sales May Change Course in 2017 &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"BC home sales remained unchanged in August compared to July but with rising prices and increased mortgage interest rates, demand could weaken throughout the remainder of the year. A total &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\\\/09\\\/bc-home-sales-may-change-course-in-2017\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/09\\\/bc-home-sales-may-change-course-in-2017\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"BC Home Sales May Change Course in 2017\",\"datePublished\":\"2017-09-18T17:10:24+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/09\\\/bc-home-sales-may-change-course-in-2017\\\/\"},\"wordCount\":431,\"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\\\/09\\\/bc-home-sales-may-change-course-in-2017\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/09\\\/bc-home-sales-may-change-course-in-2017\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/09\\\/bc-home-sales-may-change-course-in-2017\\\/\",\"name\":\"BC Home Sales May Change Course in 2017 &#8226; 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