{"id":9123,"date":"2018-05-23T10:10:30","date_gmt":"2018-05-23T17:10:30","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=9123"},"modified":"2018-05-14T15:44:01","modified_gmt":"2018-05-14T22:44:01","slug":"bc-housing-markets-will-see-less-upward-pressure-on-prices-as-supply-demand-conditions-improve","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/05\/bc-housing-markets-will-see-less-upward-pressure-on-prices-as-supply-demand-conditions-improve\/","title":{"rendered":"BC Housing Markets Will See Less Upward Pressure on Prices as Supply &#038; Demand Conditions Improve"},"content":{"rendered":"<p style=\"text-align: justify;\">Although stricter mortgage regulations have been weighing on BC home sales since the beginning of the year, activity is slated to pick up in the coming months.<\/p>\n<p style=\"text-align: justify;\">\u201cWe expect to see some stronger consumer demand in the months ahead but still gradual improvement rather than a strong, sudden rebound in the marketplace,\u201d Cameron Muir, chief economist at the British Columbia Real Estate Association (BCREA), tells BuzzBuzzNews.<\/p>\n<p style=\"text-align: justify;\">Last month, a total of 8,203 homes changed hands across the province, down roughly 17% from a year ago, according to the BCREA\u2019s latest data, published today.<\/p>\n<p style=\"text-align: justify;\">Muir attributes the slowdown in sales to new mortgage rules that were introduced by the Office of the Superintendent of Financial Institutions (OSFI) on January 1.<\/p>\n<p style=\"text-align: justify;\">\u201cWe\u2019ve seen a pretty sharp decline in consumer demand over the first four months of this year. That has kind of stabilized now where we\u2019ve seen March and April basically unchanged in the province, albeit up about 1% [on a seasonally adjusted basis],\u201d says Muir.<\/p>\n<p style=\"text-align: justify;\">Muir notes that, historically, markets experience a sharp decline over the first three to four months whenever new regulations are introduced. Sales typically begin to recover after this adjustment period.<\/p>\n<p style=\"text-align: justify;\">\u201cThat\u2019s what we\u2019ve seen in past cycles and that\u2019s what we expect with the introduction of the stress test on conventional mortgages,\u201d he adds.<\/p>\n<p style=\"text-align: justify;\">With cooling demand, supply has increased across the province. There were a total of 28,940 active listings in April, up nearly 9% from a year ago. However, Muir notes that supply continues to remain quite low across the province.<\/p>\n<p style=\"text-align: justify;\">As most BC regions have been trending toward more balanced conditions between supply and demand, home price gains are easing.<\/p>\n<p style=\"text-align: justify;\">In April, the average price of a home in BC hit $730,507, a 0.2% increase from April 2017.<\/p>\n<p style=\"text-align: justify;\">Going forward, Muir says BC housing markets will likely see less upward pressure on prices as supply and demand conditions improve.<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2018\/05\/heres-when-impact-new-mortgage-rules-ease-bc-housing.html\" target=\"_blank\" rel=\"noopener\">Here&#8217;s When The Impact of New Mortgage Rules is Expected to Ease Up on BC Housing<\/a> by Kerrisa Wilson | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Although stricter mortgage regulations have been weighing on BC home sales since the beginning of the year, activity is slated to pick up in the coming months. \u201cWe expect to &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/05\/bc-housing-markets-will-see-less-upward-pressure-on-prices-as-supply-demand-conditions-improve\/\">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-9123","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 Housing Markets Will See Less Upward Pressure on Prices as Supply &amp; Demand Conditions Improve &#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\/05\/bc-housing-markets-will-see-less-upward-pressure-on-prices-as-supply-demand-conditions-improve\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BC Housing Markets Will See Less Upward Pressure on Prices as Supply &amp; 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