{"id":8527,"date":"2018-03-16T11:11:11","date_gmt":"2018-03-16T18:11:11","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=8527"},"modified":"2018-03-13T16:31:20","modified_gmt":"2018-03-13T23:31:20","slug":"vancouvers-housing-market-is-going-to-impact-the-economy-over-the-next-2-years","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/03\/vancouvers-housing-market-is-going-to-impact-the-economy-over-the-next-2-years\/","title":{"rendered":"Vancouver’s Housing Market is Going to Impact the Economy Over the Next 2 Years"},"content":{"rendered":"

After four consecutive years of growth in BC, the economy is expected to slow over the next two years thanks to easing housing demand.<\/p>\n

In 2018, real GDP growth in BC is forecast to drop one percentage point to 2.8% and decline further to 2.5% in 2019, according to the British Columbia Real Estate Association\u2019s (BCREA) Housing Forecast Update, published late last week.<\/p>\n

Along with low unemployment and easing labour force growth, the association attributes this slowdown to several housing headwinds, including stricter mortgage regulations, rising interest rates and elevated home prices.<\/p>\n

\u201cMore stringent mortgage qualifications and rising interest rates will further erode affordability and household purchasing power,\u201d says BCREA Chief Economist Cameron Muir, in a press release.<\/p>\n

BC home sales are expected to drop 8.6% to 94,855 units in 2018, compared to 103,763 units in 2017. In 2019, sales are forecast to dip further to 94,025 units.<\/p>\n

Meantime, record low supply will continue to contribute to skyrocketing home prices \u2014 particularly in the Lower Mainland. In 2018, the average price of a BC home is slated to hit $752,079, a 6% increase from $709,579 in 2017. In 2019, prices are expected to rise another 4% to $781,842.<\/p>\n

However, the BCREA says residential construction is hitting record levels, as over 60,000 units are under construction in the province \u2014 adding needed supply to the market.<\/p>\n

Despite a drop in BC\u2019s real GDP over the next two years, the BCREA notes that strong economic conditions are underpinning housing demand. This has contributed to BC sales staying above 100,000 units in each of the last three years.<\/p>\n

In RBC\u2019s Provincial Economic Outlook, published today, bank economists agree that BC\u2019s economy will decline gradually this year and in 2019, but the slowdown does not undermine the province\u2019s solid economic foundation.<\/p>\n

\u201cFar from being a sign of weakness however, it reflects the economy\u2019s strength: there is little slack left to take up in an economy which boasts a record low unemployment rate, strong consumer spending, and a buoyant housing market,\u201d reads the report.<\/p>\n

BC\u2019s cooling economy aligns with a projected slowdown in national growth over the next two years. According to RBC, in 2018 Canada\u2019s economic growth is slated to drop to 1.9% from 3% in 2018, and a further decline to 1.6% in 2019.<\/p>\n

RBC adds that Canada\u2019s housing market is also expected to experience downward pressure as interest rates increase this year.<\/p>\n

Although national home sales are slated to ease, RBC says gradual rate hikes by the Bank of Canada and a healthy labour market are \u201clikely to prevent a rout in the housing market.\u201d<\/p>\n

How Vancouver’s Housing Market is Going to Impact the Economy Over the Next 2 Years<\/a> by Kerrisa Wilson | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"

After four consecutive years of growth in BC, the economy is expected to slow over the next two years thanks to easing housing demand. In 2018, real GDP growth in … [read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-8527","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"\nVancouver's Housing Market is Going to Impact the Economy Over the Next 2 Years • 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\/03\/vancouvers-housing-market-is-going-to-impact-the-economy-over-the-next-2-years\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Vancouver's Housing Market is Going to Impact the Economy Over the Next 2 Years • Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"After four consecutive years of growth in BC, the economy is expected to slow over the next two years thanks to easing housing demand. In 2018, real GDP growth in … [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\\\/2018\\\/03\\\/vancouvers-housing-market-is-going-to-impact-the-economy-over-the-next-2-years\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/03\\\/vancouvers-housing-market-is-going-to-impact-the-economy-over-the-next-2-years\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"Vancouver’s Housing Market is Going to Impact the Economy Over the Next 2 Years\",\"datePublished\":\"2018-03-16T18:11:11+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/03\\\/vancouvers-housing-market-is-going-to-impact-the-economy-over-the-next-2-years\\\/\"},\"wordCount\":447,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"articleSection\":[\"Market Updates\"],\"inLanguage\":\"en-CA\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/03\\\/vancouvers-housing-market-is-going-to-impact-the-economy-over-the-next-2-years\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/03\\\/vancouvers-housing-market-is-going-to-impact-the-economy-over-the-next-2-years\\\/\",\"name\":\"Vancouver's Housing Market is Going to Impact the Economy Over the Next 2 Years • Rory C Real Estate | Oakwyn Realty\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\"},\"datePublished\":\"2018-03-16T18:11:11+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/03\\\/vancouvers-housing-market-is-going-to-impact-the-economy-over-the-next-2-years\\\/#breadcrumb\"},\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/03\\\/vancouvers-housing-market-is-going-to-impact-the-economy-over-the-next-2-years\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/03\\\/vancouvers-housing-market-is-going-to-impact-the-economy-over-the-next-2-years\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Vancouver’s Housing Market is Going to Impact the Economy Over the Next 2 Years\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\",\"name\":\"Rory C Real Estate | Oakwyn Realty\",\"description\":\"Rory C Real Estate Updates | Home Selling & Buying\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-CA\"},{\"@type\":[\"Person\",\"Organization\"],\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\",\"name\":\"Rory Clipsham\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-CA\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"contentUrl\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"width\":504,\"height\":504,\"caption\":\"Rory Clipsham\"},\"logo\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\"},\"sameAs\":[\"http:\\\/\\\/www.roryc.ca\\\/\",\"https:\\\/\\\/www.facebook.com\\\/pg\\\/BurnabyandCoquitlamHomes\\\/about\\\/?ref=page_internal\",\"https:\\\/\\\/www.instagram.com\\\/roryclipshamhomes\\\/\",\"https:\\\/\\\/x.com\\\/RoryClipsham\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Vancouver's Housing Market is Going to Impact the Economy Over the Next 2 Years • Rory C Real Estate | Oakwyn Realty","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.roryc.ca\/blog\/2018\/03\/vancouvers-housing-market-is-going-to-impact-the-economy-over-the-next-2-years\/","twitter_card":"summary_large_image","twitter_title":"Vancouver's Housing Market is Going to Impact the Economy Over the Next 2 Years • Rory C Real Estate | Oakwyn Realty","twitter_description":"After four consecutive years of growth in BC, the economy is expected to slow over the next two years thanks to easing housing demand. In 2018, real GDP growth in … [read more]","twitter_creator":"@RoryClipsham","twitter_site":"@RoryClipsham","twitter_misc":{"Written by":"Rory Clipsham","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.roryc.ca\/blog\/2018\/03\/vancouvers-housing-market-is-going-to-impact-the-economy-over-the-next-2-years\/#article","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/2018\/03\/vancouvers-housing-market-is-going-to-impact-the-economy-over-the-next-2-years\/"},"author":{"name":"Rory Clipsham","@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"headline":"Vancouver’s Housing Market is Going to Impact the Economy Over the Next 2 Years","datePublished":"2018-03-16T18:11:11+00:00","mainEntityOfPage":{"@id":"https:\/\/www.roryc.ca\/blog\/2018\/03\/vancouvers-housing-market-is-going-to-impact-the-economy-over-the-next-2-years\/"},"wordCount":447,"publisher":{"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"articleSection":["Market Updates"],"inLanguage":"en-CA"},{"@type":"WebPage","@id":"https:\/\/www.roryc.ca\/blog\/2018\/03\/vancouvers-housing-market-is-going-to-impact-the-economy-over-the-next-2-years\/","url":"https:\/\/www.roryc.ca\/blog\/2018\/03\/vancouvers-housing-market-is-going-to-impact-the-economy-over-the-next-2-years\/","name":"Vancouver's Housing Market is Going to Impact the Economy Over the Next 2 Years • Rory C Real Estate | Oakwyn Realty","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/#website"},"datePublished":"2018-03-16T18:11:11+00:00","breadcrumb":{"@id":"https:\/\/www.roryc.ca\/blog\/2018\/03\/vancouvers-housing-market-is-going-to-impact-the-economy-over-the-next-2-years\/#breadcrumb"},"inLanguage":"en-CA","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.roryc.ca\/blog\/2018\/03\/vancouvers-housing-market-is-going-to-impact-the-economy-over-the-next-2-years\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.roryc.ca\/blog\/2018\/03\/vancouvers-housing-market-is-going-to-impact-the-economy-over-the-next-2-years\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.roryc.ca\/blog\/"},{"@type":"ListItem","position":2,"name":"Vancouver’s Housing Market is Going to Impact the Economy Over the Next 2 Years"}]},{"@type":"WebSite","@id":"https:\/\/www.roryc.ca\/blog\/#website","url":"https:\/\/www.roryc.ca\/blog\/","name":"Rory C Real Estate | Oakwyn Realty","description":"Rory C Real Estate Updates | Home Selling & Buying","publisher":{"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.roryc.ca\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-CA"},{"@type":["Person","Organization"],"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7","name":"Rory Clipsham","image":{"@type":"ImageObject","inLanguage":"en-CA","@id":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","url":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","contentUrl":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","width":504,"height":504,"caption":"Rory Clipsham"},"logo":{"@id":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg"},"sameAs":["http:\/\/www.roryc.ca\/","https:\/\/www.facebook.com\/pg\/BurnabyandCoquitlamHomes\/about\/?ref=page_internal","https:\/\/www.instagram.com\/roryclipshamhomes\/","https:\/\/x.com\/RoryClipsham"]}]}},"_links":{"self":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/8527","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/comments?post=8527"}],"version-history":[{"count":1,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/8527\/revisions"}],"predecessor-version":[{"id":8528,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/8527\/revisions\/8528"}],"wp:attachment":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/media?parent=8527"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/categories?post=8527"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/tags?post=8527"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}