Latest Trends In The BC Housing Market
With the recent figures for sales and prices for April and May in the books, it’s clear that the British Columbia housing market remains in a state of flux, with present challenges competing against cautiously optimistic projections to leave forecasters, agents and buyers alike opting for a ‘wait and see’ approach.
The BCREA (British Columbia Real Estate Association) has reported a decline of residential unit sales of 7% from this point last year, with a 4.3% decline in prices and an 11% drop in the value of total sales. This reflects recent developments in the market, in particular, the impact of the stress test introduced in 201 and more stringent mortgage lending policies.
However, there is cause for optimism, with the BCREA’s chief economist noting that a ‘strong economy and favourable’ are leading to a build-up in demand that should see changes in these numbers going forward. Furthermore, with month to month numbers showing a market beginning to climb out of cyclical low point, and an influx in conditions that should favour buyers, it’s expected that more positive developments will be forthcoming.