{"id":9358,"date":"2018-06-08T10:10:50","date_gmt":"2018-06-08T17:10:50","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=9358"},"modified":"2018-06-08T09:18:09","modified_gmt":"2018-06-08T16:18:09","slug":"residential-sales-forecast-to-slow-further-this-year-but-recover-next-year","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/06\/residential-sales-forecast-to-slow-further-this-year-but-recover-next-year\/","title":{"rendered":"Residential Sales Forecast to Slow Further This Year But Recover Next Year"},"content":{"rendered":"<p style=\"text-align: justify;\">Home sales across Greater Vancouver may be soft so far this year compared with the past couple of years, but that won\u2019t be enough to bring average prices down, according to a forecast by the British Columbia Real Estate Association (BCREA).<\/p>\n<p style=\"text-align: justify;\">In its quarterly outlook, the BCREA predicted that Greater Vancouver home sales on the MLS for the whole of 2018 will total 37,200 units, which is down 10.7% compared with 2017 \u2013 but that transactions will recover somewhat in 2019 to rise 3.7%.<\/p>\n<p style=\"text-align: justify;\">The report said the average Greater Vancouver home sale price this year will be $1.08 million, which is 4.7% higher than 2017\u2019s average price of $1.03 million. BCREA added that it expected a continued slight rise of 2.3% next year, to just over $1.1 million. This average encompasses all property types and all areas of the region, and doesn\u2019t take into account larger variables between different property types and neighbourhood sub-markets.<\/p>\n<p style=\"text-align: justify;\">\u201cThe housing market continues to be supported by a strong economy,\u201d said Cameron Muir, BCREA chief economist. \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<\/p>\n<p style=\"text-align: justify;\">Across the province, residential resales are forecast to fall nine per cent to 94,200 units this year, following 103,700 unit sales in 2017, and stay flat in 2019. However, the BCREA said that BC sales are \u201cexpected to remain above the 10-year average of 84,800 units into 2020.\u201d<\/p>\n<p style=\"text-align: justify;\">\u00a0\u00a0\u00a0\u00a0 <a href=\"https:\/\/www.roryc.ca\/blog\/2018\/05\/bcrea-q2-housing-forecast-update-slower-growth-expected-for-economy-housing-market\/bcrea-33\/\" rel=\"attachment wp-att-9328\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-9328\" src=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2018\/05\/BCREA-1-288x216.jpg\" alt=\"\" width=\"569\" height=\"427\" srcset=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2018\/05\/BCREA-1-288x216.jpg 288w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2018\/05\/BCREA-1.jpg 600w\" sizes=\"auto, (max-width: 569px) 100vw, 569px\" \/><\/a><\/p>\n<p>\u201cDemographics will play a key role in the housing market over the next few years,\u201d added Muir, \u201cas growth in the adult-aged population is bolstered by immigration and the massive millennial generation enters its household forming years.\u201d<\/p>\n<p><a href=\"http:\/\/www.vancourier.com\/real-estate\/greater-vancouver-home-prices-predicted-to-keep-climbing-at-slower-rate-1.23322169?platform=hootsuite\" target=\"_blank\" rel=\"noopener\">Greater Vancouver Home Prices Predicted to Keep Climbing &#8211; at Slower Rate<\/a> by Joannah Connolly | Vancouver Courier<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Home sales across Greater Vancouver may be soft so far this year compared with the past couple of years, but that won\u2019t be enough to bring average prices down, according &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/06\/residential-sales-forecast-to-slow-further-this-year-but-recover-next-year\/\">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-9358","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>Residential Sales Forecast to Slow Further This Year But Recover Next Year &#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\/residential-sales-forecast-to-slow-further-this-year-but-recover-next-year\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Residential Sales Forecast to Slow Further This Year But Recover Next Year &#8226; 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