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September 2018

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Home sales in B.C. to drop 21% this year: forecast

It may be no coincidence that one forecast issued August 20 is predicting a decline in B.C. home sales this year of around 20 per cent, while a separate study has found 18 per cent of would-be buyers are being locked out of the market by the new mortgage stress test

MLS residential sales across the province are expected to be 21 per cent lower in 2018 than in 2017, dropping from more than 100,000 to around 82,000 transactions this year, according to a new forecast by the British Columbia Real Estate Association.

The BCREA lays the blame for this squarely at the feet of the mortgage qualification stress test that was introduced for all home buyers in January 2018. This requires that all mortgage applicants qualify for a mortgage at a higher rate than they will actually pay, to ensure their ability to continue payments in case of financial difficulties or future interest rate rises. However, it also has the effect of reducing the amount that home buyers are able to borrow, by up to 20 per cent.

 
 

Monthly Local Market Update

Click the link below to view the monthly market statistics for your area in an easy to understand infographic. Listings, sales and prices are summarized for condos, townhomes and single family homes for cities across B.C.

 

Abbotsford

Bowen Island

Burnaby East

Burnaby North

Burnaby South

Cloverdale

Coquitlam

Kelowna

Ladner

Langley

Maple Ridge

Mission

Nanaimo

New Westminster

North Delta

North Surrey

North Vancouver

Parksville

Pitt Meadows

Port Coquitlam

Port Moody

Richmond

South Surrey/
White Rock

Squamish

Sunshine Coast

Surrey - Central

Tsawwassen

Vancouver - East

Vancouver - West

Victoria

Vernon

West Vancouver

Whistler

Top picks from the new Ikea catalogue

Western Living highlights this year’s Ikea collection-some revisits in a new light, some hot off the designer’s floor-all guaranteed to bring Swedish order to your life.

 

B.C. Real Estate News

LOWER MAINLAND

Metro Vancouver sees house prices edge lower for 2 straight months (CTV News)

The Amazon era is making Vancouver the world's hottest industrial real estate market (Financial Post)

Maple Ridge home prices still going up, but fewer buying (Maple Ridge-Pitt Meadows News)

VICTORIA & VANCOUVER ISLAND

New measures continue to drag down Greater Victoria real estate sales (Goldstream News Gazette)

Number of homes sold falls for ninth straight month (Times Colonist)

Victoria mulls affordable rentals in 10-15% of new condo projects (Western Investor)

WHISTLER & SQUAMISH

Region's home sales – and prices – slump further (Squamish Chief)

OKANAGAN

From Peachland to Revelstoke, housing sales take a dip (Vernon Morning Star)

South Okanagan home prices hit 'plateau' (Castanet)

 
 

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©2018 Macdonald Realty Ltd. 2105 W 38th Ave, Vancouver, B.C. V6M 1R8 | macrealty.com