{"id":778,"date":"2016-01-28T15:15:20","date_gmt":"2016-01-28T23:15:20","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=778"},"modified":"2016-01-28T08:54:26","modified_gmt":"2016-01-28T16:54:26","slug":"greater-vancouver-home-sales-to-drop-more-than-8-in-2016","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/01\/greater-vancouver-home-sales-to-drop-more-than-8-in-2016\/","title":{"rendered":"Greater Vancouver Home Sales to Drop More Than 8% in 2016"},"content":{"rendered":"<p style=\"text-align: justify;\">The number of homes sold in Greater Vancouver will be scaled back in 2016, according to the British Columbia Real Estate Association\u2019s first quarter forecast released January 28.<\/p>\n<p style=\"text-align: justify;\">In 2015, a total of 43,145 homes changed hands in the region, according to the association, and this is expected to fall 8.2% in 2016, with a forecast of 39,600 units sold. In 2017, home sales should rebound slightly\u20142.3%\u2014but will remain below 2015 levels, with a total of 40,500 sales expected.<\/p>\n<p style=\"text-align: justify;\">The downward trend is expected to extend across the entire province, with a 6.2% drop in the number of home sales to 96,115 across BC.<\/p>\n<p style=\"text-align: justify;\">The expected decrease is not related to a drop in demand, however.<\/p>\n<p style=\"text-align: justify;\">\u201cThe inventory of homes for sale is now at its lowest level in almost a decade,\u201d said BCREA chief economist Cameron Muir.<\/p>\n<p style=\"text-align: justify;\">Muir said demand will remain strong, which will drive prices upward across most of the province.<\/p>\n<p style=\"text-align: justify;\">In Vancouver, the average home price\u2014across all home types\u2014will reach $980,000, up 8.6% compared with $902,801 in 2015. Across BC, the price is expected to grow 6.4% to $677,200.<\/p>\n<p style=\"text-align: justify;\">Hope prices in Victoria are forecast to jump 4.5% to an average of $545,000. The cheapest average home prices across the province, the BCREA forecasts, will be found in the Northern Lights region of the south Okanagan ($251,000), across Northern BC ($252,000) and in Powell River ($255,000).<\/p>\n<p style=\"text-align: justify;\">The BCREA said consumer demand will keep new home construction strong, especially on the South Coast.<\/p>\n<p style=\"text-align: justify;\">\u201cTotal housing starts in the province are forecast to remain close to an annual pace of 30,000 units through 2017, which will be the strongest two-year performance since the 2007-2008 period,\u201d the association said in a press release.<\/p>\n<p><a href=\"https:\/\/www.biv.com\/article\/2016\/1\/greater-vancouver-home-sales-drop-more-8-2016-bcre\/\" target=\"_blank\">Greater Vancouver Home Sales to Drop More Than 8% in 2016<\/a> by Emma Crawford Hampel | Business in Vancouver<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The number of homes sold in Greater Vancouver will be scaled back in 2016, according to the British Columbia Real Estate Association\u2019s first quarter forecast released January 28. In 2015, &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/01\/greater-vancouver-home-sales-to-drop-more-than-8-in-2016\/\">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-778","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>Greater Vancouver Home Sales to Drop More Than 8% in 2016 &#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\/2016\/01\/greater-vancouver-home-sales-to-drop-more-than-8-in-2016\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Greater Vancouver Home Sales to Drop More Than 8% in 2016 &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"The number of homes sold in Greater Vancouver will be scaled back in 2016, according to the British Columbia Real Estate Association\u2019s first quarter forecast released January 28. 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