{"id":8556,"date":"2018-03-23T10:10:26","date_gmt":"2018-03-23T17:10:26","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=8556"},"modified":"2018-03-15T14:58:20","modified_gmt":"2018-03-15T21:58:20","slug":"bcs-new-housing-plan-will-weigh-on-sales-prices","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/03\/bcs-new-housing-plan-will-weigh-on-sales-prices\/","title":{"rendered":"BC&#8217;s New Housing Plan will Weigh on Sales &#038; Prices"},"content":{"rendered":"<p style=\"text-align: justify;\">New property taxes laid out in BC\u2019s recently unveiled 30-point housing plan are expected to dampen home sales and prices in the coming months, according to TD Economics.<\/p>\n<p style=\"text-align: justify;\">The housing strategy, laid out in the government\u2019s 2018 budget is meant to tackle eroding housing affordability and curb demand \u2014 particularly in the Lower Mainland.<\/p>\n<p style=\"text-align: justify;\">Included in the plan is a new speculation tax, and a 5% increase to Metro Vancouver\u2019s already existing foreign buyer tax. Both levies will apply to the majority of the province.<\/p>\n<p style=\"text-align: justify;\">In TD\u2019s Provincial Economic Forecast, published today, the bank\u2019s economics team says the new regulations will cause peak-to-trough declines of 5% to 10% in home sales and 5% for prices.<\/p>\n<p style=\"text-align: justify;\">\u00a0\u00a0\u00a0\u00a0 <a href=\"https:\/\/www.roryc.ca\/blog\/?attachment_id=8557\" rel=\"attachment wp-att-8557\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-8557\" src=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2018\/03\/BC-chart-1-1-300x226.jpg\" alt=\"\" width=\"526\" height=\"396\" srcset=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2018\/03\/BC-chart-1-1-300x226.jpg 300w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2018\/03\/BC-chart-1-1-768x578.jpg 768w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2018\/03\/BC-chart-1-1.jpg 859w\" sizes=\"auto, (max-width: 526px) 100vw, 526px\" \/><\/a><\/p>\n<p>However, the impact won\u2019t be as notable compared to what occurred when new mortgage rules were introduced in 2016.<\/p>\n<p style=\"text-align: justify;\">\u201cThe impact on housing activity will be more muted than in 2016 since the market is now in a more balanced position and the marginal increase in the tax is smaller,\u201d reads the report.<\/p>\n<p style=\"text-align: justify;\">TD bank adds that compared to the 2016 round of regulations, the impact on the current round on sales and prices will be around one-third.<\/p>\n<p style=\"text-align: justify;\">\u00a0\u00a0\u00a0\u00a0 <a href=\"https:\/\/www.roryc.ca\/blog\/?attachment_id=8558\" rel=\"attachment wp-att-8558\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-8558\" src=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2018\/03\/BC-chart-2-1-300x225.jpg\" alt=\"\" width=\"525\" height=\"394\" srcset=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2018\/03\/BC-chart-2-1-300x225.jpg 300w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2018\/03\/BC-chart-2-1-768x577.jpg 768w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2018\/03\/BC-chart-2-1.jpg 857w\" sizes=\"auto, (max-width: 525px) 100vw, 525px\" \/><\/a><\/p>\n<p>As a result, TD has downgraded its 2018 forecast for both BC sales and prices to a year-over-year decline of 5.8% (previously down 0.6%) and an annual increase of 3.1% (previously up 7.2%), respectively.<\/p>\n<p style=\"text-align: justify;\">In addition, TD cautions that there is uncertainty around the outlook of BC\u2019s housing market, as the new regulations have been accompanied by a higher interest rate environment and a new national mortgage stress test, which are both also likely to weigh on market activity.<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2018\/03\/charts-bcs-housing-plan-weigh-sales-prices.html\" target=\"_blank\" rel=\"noopener\">These 2 Charts Show How BC&#8217;s New Housing Plan will Weigh on Sales &amp; Prices<\/a> by Kerrisa Wilson | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>New property taxes laid out in BC\u2019s recently unveiled 30-point housing plan are expected to dampen home sales and prices in the coming months, according to TD Economics. The housing &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/03\/bcs-new-housing-plan-will-weigh-on-sales-prices\/\">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-8556","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>BC&#039;s New Housing Plan will Weigh on Sales &amp; Prices &#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\/03\/bcs-new-housing-plan-will-weigh-on-sales-prices\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BC&#039;s New Housing Plan will Weigh on Sales &amp; Prices &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"New property taxes laid out in BC\u2019s recently unveiled 30-point housing plan are expected to dampen home sales and prices in the coming months, according to TD Economics. 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