{"id":9351,"date":"2018-06-07T10:10:47","date_gmt":"2018-06-07T17:10:47","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=9351"},"modified":"2018-06-07T08:31:29","modified_gmt":"2018-06-07T15:31:29","slug":"bcrea-housing-market-will-continue-its-slowdown-into-2020","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/06\/bcrea-housing-market-will-continue-its-slowdown-into-2020\/","title":{"rendered":"BCREA Housing Market will Continue Its Slowdown into 2020"},"content":{"rendered":"<p style=\"text-align: justify;\">As BC\u2019s economy slows down over the next two years, its housing market will also ease and will be marked by declining home sales into 2020.<\/p>\n<p style=\"text-align: justify;\">This year, residential sales across the province are set to drop 9% to 94,200 units, after seeing a record 103,700 sales in 2017, according to the British Columbia Real Estate Association\u2019s (BCREA) 2018 second quarter housing forecast, released Thursday.<\/p>\n<p style=\"text-align: justify;\">\u201cThe housing market continues to be supported by a strong economy,\u201d says Cameron Muir, BCREA chief economist, in a statement.<\/p>\n<p style=\"text-align: justify;\">\u201cHowever, slower economic growth is expected over the next two years as the economy is nearing full employment and consumers have stepped back from their 2017 spending spree,\u201d he adds.<\/p>\n<p style=\"text-align: justify;\">In 2019, sales are projected to remain relatively unchanged at 94,000 units before dropping further to 84,800 units in 2020. However, these annual totals are still above the 10-year average for the province.<\/p>\n<p style=\"text-align: justify;\">After four consecutive years of above-trend growth, BC\u2019s economy is predicted to slow down over the next 12 months with real GDP hitting 2.8% at the end of 2018 and 2.5% in 2019.<\/p>\n<p style=\"text-align: justify;\">BC\u2019s housing market continues to be supported by the economy and a change in the province\u2019s demographics will help drive growth in the market.<\/p>\n<p style=\"text-align: justify;\">\u201cDemographics will play a key role in the housing market over the next few years, as growth in the adult-aged population is bolstered by immigration and the massive millennial generation enters its household forming years,\u201d says Muir.<\/p>\n<p style=\"text-align: justify;\">However, Muir adds that the housing market will continue to face significant headwinds over the coming months, including rising interest rates and stricter mortgage regulations.<\/p>\n<p style=\"text-align: justify;\">On January 1, The Office of the Superintendent of Financial Institutions (OSFI) introduced a stress test for uninsured mortgages.<\/p>\n<p style=\"text-align: justify;\">Since its implementation, BCREA says the new mortgage rules have dampened sales across the province but its impact will ease in the near-term.<\/p>\n<p style=\"text-align: justify;\">\u201cWhile the effects are expected to diminish over the next several months, the legacy will be a reduction of purchasing power by up to 20%,\u201d reads the report.<\/p>\n<p style=\"text-align: justify;\">In addition, BCREA notes that new housing legislation laid out by the BC government this year is also weighing on the housing market.<\/p>\n<p style=\"text-align: justify;\">In February, the BC government introduced a housing plan to address the province\u2019s housing affordability crisis, which includes raising the foreign buyer tax to 20% and the implementation of a new speculation tax.<\/p>\n<p style=\"text-align: justify;\">\u201cWhile a foreign buyer tax and several other policies aimed at taxing wealth will do little to generate housing affordability, the negative signal to the market will likely divert investment elsewhere,\u201d reads the report.<\/p>\n<p style=\"text-align: justify;\">As for home prices, a slowdown in housing demand and rising new home completions are expected to push most BC markets toward balanced conditions this year, resulting in less upward pressure on home prices.<\/p>\n<p style=\"text-align: justify;\">At the end of 2018, the average price of a BC home is expected to be $745,600, up 5% from 2017. In 2019, the price is slated to increase 4% year-over-year to $775,900.<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2018\/06\/bcs-market-continue-slowdown-2020-bcrea.html\" target=\"_blank\" rel=\"noopener\">BCREA : BC&#8217;s Housing Market Will Continue Its Slowdown into 2020<\/a> by Kerrisa Wilson | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As BC\u2019s economy slows down over the next two years, its housing market will also ease and will be marked by declining home sales into 2020. This year, residential sales &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/06\/bcrea-housing-market-will-continue-its-slowdown-into-2020\/\">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-9351","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>BCREA Housing Market will Continue Its Slowdown into 2020 &#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\/06\/bcrea-housing-market-will-continue-its-slowdown-into-2020\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BCREA Housing Market will Continue Its Slowdown into 2020 &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"As BC\u2019s economy slows down over the next two years, its housing market will also ease and will be marked by declining home sales into 2020. 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