{"id":9051,"date":"2018-05-15T08:08:49","date_gmt":"2018-05-15T15:08:49","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=9051"},"modified":"2018-05-15T08:21:22","modified_gmt":"2018-05-15T15:21:22","slug":"is-vancouvers-overheated-housing-market-changing-course","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/05\/is-vancouvers-overheated-housing-market-changing-course\/","title":{"rendered":"Is Vancouver&#8217;s Overheated Housing Market Changing Course?"},"content":{"rendered":"<p style=\"text-align: justify;\">Following the announcement of new BC housing policies in February, home price appreciation has been decelerating in Greater Vancouver, which one economist says could be a sign that price growth in the overheated market are on a path to cool further.<\/p>\n<p style=\"text-align: justify;\">In the past two months, the annual rate of benchmark price increases has slowed in Greater Vancouver, writes RBC Senior Economist Robert Hogue in a note published last week.<\/p>\n<p style=\"text-align: justify;\">In April, the benchmark price for all property types in Greater Vancouver hit $1,092,000, a 14.3% increase from a year ago, according to the latest data from the Real Estate Board of Greater Vancouver (REBGV). This annual price growth is almost two percentage points less than what was seen in March 2018, when the benchmark price was $1,084,000, up 16 per cent from a year ago.<\/p>\n<p style=\"text-align: justify;\">\u201cWe\u2019re probably in an episode where a change in regulation is going to exert an effect on the market, cooling it down for a period of time,\u201d Hogue tells BuzzBuzzNews.<\/p>\n<p style=\"text-align: justify;\">The economist notes that April 2018 was the first time that the annual benchmark home price growth rate eased back below 15% since November 2017 \u2014 a possible sign that \u201cthe market might be changing course away from overheating.\u201d<\/p>\n<p style=\"text-align: justify;\">\u201cIt could be another episode of a bit of a cooldown period after a new policy change, like we\u2019ve seen the month following August 2016 when the government implemented a 15% tax on foreign buyers,\u201d says Hogue.<\/p>\n<p style=\"text-align: justify;\">\u201cWe saw a number of months when activity slowed down, so we could see something similar this time,\u201d he adds.<\/p>\n<p style=\"text-align: justify;\">However, Hogue is quick to note that although home price growth is decelerating, it\u2019s done little to change the region\u2019s housing affordability crisis.<\/p>\n<p style=\"text-align: justify;\">\u201cWhat we\u2019ve seen is a slowdown in the growth and as long as there\u2019s growth there\u2019s deterioration in housing affordability,\u201d says the economist.<\/p>\n<p style=\"text-align: justify;\">Going forward, Hogue says the new BC housing measures will likely allow prices to continue decelerating over the coming months.<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2018\/05\/vancouvers-overheated-market-changing-course.html\" target=\"_blank\" rel=\"noopener\">Is Vancouver&#8217;s Overheated Housing Market Changing Course?<\/a> by Kerrisa Wilson | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Following the announcement of new BC housing policies in February, home price appreciation has been decelerating in Greater Vancouver, which one economist says could be a sign that price growth &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/05\/is-vancouvers-overheated-housing-market-changing-course\/\">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-9051","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>Is Vancouver&#039;s Overheated Housing Market Changing Course? 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