{"id":7790,"date":"2018-01-03T11:11:19","date_gmt":"2018-01-03T19:11:19","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=7790"},"modified":"2017-12-16T10:13:31","modified_gmt":"2017-12-16T18:13:31","slug":"where-greater-vancouver-home-prices-are-headed-in-2018","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/01\/where-greater-vancouver-home-prices-are-headed-in-2018\/","title":{"rendered":"Where Greater Vancouver Home Prices are Headed in 2018"},"content":{"rendered":"<p style=\"text-align: justify;\">Although new mortgage regulations are expected to impede activity in Greater Vancouver\u2019s housing market next year, demand is slated to remain strong and prices are forecast to climb.<\/p>\n<p style=\"text-align: justify;\">In 2018, prices are projected to rise six per cent year-over-year to $1,092,679, according to RE\/MAX\u2019s 2018 Housing Market Outlook, published on Thursday.<\/p>\n<p style=\"text-align: justify;\">\u201cCondominiums will continue to be very popular and we\u2019re, in all likelihood, going to see greater price increases in that segment,\u201d Elton Ash, Regional Executive Vice President of RE\/MAX Western Canada, tells BuzzBuzzNews.<\/p>\n<p style=\"text-align: justify;\">After prices soared for detached homes last year, demand for condos surged this year as they are a more affordable housing option in the region. In turn, condos experienced significant price appreciation.<\/p>\n<p style=\"text-align: justify;\">The average price of a condo was $643,778 in 2017, up an estimated 16% year-over-year from 2016.<\/p>\n<p style=\"text-align: justify;\">In 2018, Ash says first-time buyers and move-up buyers are expected to drive demand in Greater Vancouver, particularly in the condo market.<\/p>\n<p style=\"text-align: justify;\">\u201cI don\u2019t think we\u2019re going to see a 16 per cent [price] range, it\u2019s likely going to be more in the 10 to 12% price range for condominiums,\u201d says Ash.<\/p>\n<p style=\"text-align: justify;\">Conversely, detached home prices were roughly stable year-over-year in 2017 and this trend is expected to continue in the New Year.<\/p>\n<p style=\"text-align: justify;\">\u201cThe real estate market itself has diverged into two very distinct paths, with detached homes remaining pretty stable year-over-year as we move forward into 2018. Whereas, in the condominium market we\u2019ll see much greater appreciation,\u201d says Ash.<\/p>\n<p style=\"text-align: justify;\">Although demand is expected to remain high in Greater Vancouver, new mortgage qualification rules are expected to impact affordability for buyers at the lower end of the market.<\/p>\n<p style=\"text-align: justify;\">On January 1, a new stress test for uninsured mortgages comes into effect, which will slow activity in the first part of 2018, says RE\/MAX.<\/p>\n<p style=\"text-align: justify;\">However, thanks to BC\u2019s booming economy, consumer confidence is strong and that will most likely temper the overall effect of the new mortgage regulations, says Ash.<\/p>\n<p style=\"text-align: justify;\">Many Canadians appear to believe that the new mortgage rules won\u2019t impact them, based on a survey conducted by Leger on behalf of RE\/MAX.<\/p>\n<p style=\"text-align: justify;\">\u201cCanadians aren\u2019t fully aware of the new stress test regulations for conventional financing. And so while 58% of Canadians are aware of it. Interestingly enough, nearly 30 per cent don\u2019t believe that it will have any effect on their borrowing ability,\u201d says Ash.<\/p>\n<p style=\"text-align: justify;\">Going into 2018, Ash says Greater Vancouver\u2019s market is showing signs of being balanced.<\/p>\n<p style=\"text-align: justify;\">He adds that the relatively healthy market has strong economic fundamentals and does not signal that there will be a bubble burst.<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2017\/12\/greater-vancouver-prices-headed-2018.html\" target=\"_blank\" rel=\"noopener\">Here&#8217;s Where Greater Vancouver Home Prices are Headed in 2018<\/a> by Kerrisa Wilson | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Although new mortgage regulations are expected to impede activity in Greater Vancouver\u2019s housing market next year, demand is slated to remain strong and prices are forecast to climb. In 2018, &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/01\/where-greater-vancouver-home-prices-are-headed-in-2018\/\">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-7790","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Where Greater Vancouver Home Prices are Headed in 2018 &#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\/2018\/01\/where-greater-vancouver-home-prices-are-headed-in-2018\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Where Greater Vancouver Home Prices are Headed in 2018 &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Although new mortgage regulations are expected to impede activity in Greater Vancouver\u2019s housing market next year, demand is slated to remain strong and prices are forecast to climb. 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