{"id":93,"date":"2015-11-11T10:53:00","date_gmt":"2015-11-11T18:53:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=93"},"modified":"2015-11-11T10:53:26","modified_gmt":"2015-11-11T18:53:26","slug":"british-columbia-house-prices-forecast-to-keep-climbing-into-2017","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2015\/11\/british-columbia-house-prices-forecast-to-keep-climbing-into-2017\/","title":{"rendered":"British Columbia House Prices Forecast to Keep Climbing Into 2017"},"content":{"rendered":"<p style=\"text-align: justify;\">Canada\u2019s most expensive housing market will continue to see price gains well ahead of the rate of inflation for the next two years, according to a report from a group which represents credit unions in British Columbia.<\/p>\n<p style=\"text-align: justify;\">Central1, which acts as an association for credit unions in BC and Ontario, now says the median sale price of a home in Greater Vancouver will climb another 6.1% in 2016 after a 4.5 jump this year. In 2017, the organization is predicting a 3.8% increase.<\/p>\n<p style=\"text-align: justify;\">\u201cMetro Vancouver home prices have remained in the spotlight, keeping the housing affordability debate percolating in the news and social media,\u201d wrote economist Bryan Yu, the author of the report.<\/p>\n<p style=\"text-align: justify;\">His forecast comes as the Real Estate Board of Greater Vancouver\u2019s October data showed sales in the region were 19.3% higher than they were a year ago and 36.2% above the long-term average for the month.<\/p>\n<p style=\"text-align: justify;\">\u00a0\u00a0\u00a0\u00a0 <a href=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2015\/11\/financial-post.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-94\" src=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2015\/11\/financial-post-300x194.png\" alt=\"financial post\" width=\"573\" height=\"370\" srcset=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2015\/11\/financial-post-300x194.png 300w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2015\/11\/financial-post.png 619w\" sizes=\"auto, (max-width: 573px) 100vw, 573px\" \/><\/a><\/p>\n<p style=\"text-align: justify;\">Prices have shot up, gaining 15.3% over the period studied, based on the board\u2019s benchmark price index which stood at $736,00 at the end of October. In the detached home category, Metro Vancouver prices were up 20.1% from a year ago to $1,197,600.<\/p>\n<p style=\"text-align: justify;\">Yu said median price growth has been generally moderate but that\u2019s not the case with detached homes which are posting double-digit year over year increases. \u201cThis trend is showing few signs of stopping given the severe shortage of inventory in Metro Vancouver and long-term trends of limited land availability for low-density construction,\u201d he wrote.<\/p>\n<p style=\"text-align: justify;\">He notes that the \u201cprice momentum\u201d in the Metro Vancouver area has spilled into the neighbouring Fraser Valley in cities in Chilliwack and Abbotsford-Mission. Rising demand and inventory shortages are also driving price rebounds in Victoria, Yu said.<\/p>\n<p style=\"text-align: justify;\">On a province-wide basis, Central1 is calling for the median price to rise another 5.5% this year, 5.9% in 2016 and 2.7% in 2017 when the price will reach $462,000.<\/p>\n<p style=\"text-align: justify;\">Province-wide sales are expected to rise by 21% this year but only 2.3% in 2016. And the 0.5% in 2017.<\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/business.financialpost.com\/personal-finance\/mortgages-real-estate\/british-columbia-house-prices-forecast-to-keep-climbing-into-2017\" target=\"_blank\">British Columbia House Prices Forecast to Keep Climbing Into 2017<\/a> by Garry Marr | Financial Post<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Canada\u2019s most expensive housing market will continue to see price gains well ahead of the rate of inflation for the next two years, according to a report from a group &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2015\/11\/british-columbia-house-prices-forecast-to-keep-climbing-into-2017\/\">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-93","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>British Columbia House Prices Forecast to Keep Climbing Into 2017 &#8226; 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