{"id":7184,"date":"2017-10-17T10:10:53","date_gmt":"2017-10-17T17:10:53","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=7184"},"modified":"2017-10-11T12:15:09","modified_gmt":"2017-10-11T19:15:09","slug":"bc-home-resales-to-drop-8-next-year","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/10\/bc-home-resales-to-drop-8-next-year\/","title":{"rendered":"BC Home Resales to Drop 8% Next Year"},"content":{"rendered":"<p style=\"text-align: justify;\">Canada\u2019s housing market is in a cooling phase, according to RBC\u2019s Canadian Housing Market Forecast Update released October 11, and home resales across British Columbia are expected to drop this year and next.<\/p>\n<p style=\"text-align: justify;\">Higher borrowing rates will contribute to an 8% decline in home resales across the province next year after a total anticipated 9.8% drop this year.<\/p>\n<p style=\"text-align: justify;\">\u201cOur view is that the BC market will be particularly sensitive to higher borrowing rates, as they will take a further toll on already-strained housing affordability in markets such as Vancouver and Victoria,\u201d the institution said in its report.<\/p>\n<p style=\"text-align: justify;\">\u201cPolicy measures \u2013 including a 15% tax on purchases by foreign nationals in Metro Vancouver \u2013 implemented last year contributed to cool activity markedly in the province in 2017.\u201d<\/p>\n<p style=\"text-align: justify;\">Despite the drop in unit sales, prices are forecast to increase in both 2017 (up 6.5% to a provincial average of $763,200) and 2018 (up 5% to $801,100). The growth will be driven by \u201csurprisingly tight\u201d demand across BC.<\/p>\n<p style=\"text-align: justify;\">\u201cPolicy measures also promoted many would-be sellers to hold off listing their properties for sale earlier this year,\u201d the report said.<\/p>\n<p style=\"text-align: justify;\">\u201cNonetheless, we expect gradual erosion in those market conditions, which will temper price increases next year.\u201d<\/p>\n<p style=\"text-align: justify;\">The report also forecasts a drop in home sales across the country. Expect unit sales to drop 4.8% this year and 4.2% next year, RBC said. These declines will not completely offset the increases seen between 2014 and 2016 which led to an all-time high of 535,200 units in 2016. Total sales for 2018 are forecast to hit 488,000, which, as RBC pointed out, is still above the 10-year average of 471,700.<\/p>\n<p style=\"text-align: justify;\">RBC said it expects the Bank of Canada to increase its overnight lending rate by a full percentage point by the end of next year, from the current 1% to 2%.<\/p>\n<p style=\"text-align: justify;\">\u201cIncluding the 50-basis point increase already implemented since mid-July, the projected cumulative rise of 150 basis points would constitute the most significant monetary policy tightening in Canada since 2007,\u201d RBC said.<\/p>\n<p><a href=\"https:\/\/www.biv.com\/article\/2017\/10\/bc-home-resales-drop-8-next-year-rbc-forecast\/\" target=\"_blank\" rel=\"noopener\">RBC Forecast : BC Home Resales to Drop 8% Next Year<\/a> by Emma Crawford Hampel | Business in Vancouver<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Canada\u2019s housing market is in a cooling phase, according to RBC\u2019s Canadian Housing Market Forecast Update released October 11, and home resales across British Columbia are expected to drop this &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/10\/bc-home-resales-to-drop-8-next-year\/\">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-7184","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 Resales to Drop 8% Next Year &#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\/10\/bc-home-resales-to-drop-8-next-year\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BC Home Resales to Drop 8% Next Year &#8226; 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