While ‘benchmark’ house prices have been rising for the region, median house prices paint a more varied picture. The average home price for a Vancouver home rose 5.8% year over year to $1,044,000. The real test, however, is whether housing prices can remain stable. We should remember how good things were back in 2015 before the US presidential change. We match you with local, pre-screened, values-aligned Realtors and Mortgage Brokers. The Coronavirus Pandemic, the resulting recession, and the potential for a second or third wave of infection are now the primary source of uncertainty for home values. Governments have shielded Canadians and the housing market from the impacts of the pandemic induced recession using: All of these programs, except for CEWS, have now expired. For most people, that’s just not on the cards. Fewer investors will be buying real estate for short-term rentals until travel restrictions are lifted. is struggling to contain the second wave and we expect localized restrictions and lockdowns. For example, the BC Real Estate Association (BCREA) economist, BCREA is a real estate industry advocacy organization, predicts Greater Vancouver prices will rise 6% in 2021. They may be projecting lower values in the future, but: CMHC sells insurance to banks to help limit their losses if a mortgage goes bad. B.C. A recent survey by MNP reported a staggering number of Canadians are stretched to their limits: “Over 30 per cent of Canadians say they’re concerned that rising interest rates could push them close to bankruptcy, according to a nationwide survey conducted by Ipsos on behalf of MNP, one of the largest personal insolvency practices in the country.”. Westcoast Homes and Design; Buying & Selling; UDI forecast predicts the housing market to “reset” in 2019. Her research team predicted that the second wave in the Fall of 2020 was a likely scenario. You have to take economic expert forecasts with a grain of salt. Population Growth: The pace at which people are moving to an area. Vancouver’s jump and in sales and price is a welcome event for sellers who may be considering a move to less densely populated regions of the province or even out of province. In 2020, before factoring in the pandemic, Vancouver raised taxes by almost 7%. BC Economic Forecast – Screenshot courtesy of the Economics Department of Central 1 Credit Union. In 2015, a B.C. Metro Vancouver apartment prices have been falling recently. The Ipsos-Reid and Nanos Canadian Confidence Index has shown a noticeable drop in confidence. housing market by nature, the B.C. BCREA is its housing forecast is all onboard with a prediction of rising sales in 2021. This may reduce dark money in B.C. From the various classes of commercial real estate to the housing market, the impacts of changing customer habits and expectations are reverberating across the property types. Those bad old memories of so few houses for sale and the wicked price rises when buyers have the resource to big come back to mind. While the Vancouver and Toronto real estate markets continue to lead Canadian cities in terms of investment and development prospects, every region has its own opportunities and challenges. Confidence has recovered remarkably well when compared to the 2008 Great Recession. Coronavirus containment efforts may make it more difficult to visit a bank or view homes. Vancouver Home Prices. Not too much of a surprise. A recent forecast for the Vancouver, Washington real estate market suggests that home prices will continue rising through 2020 at roughly the same pace compared to the previous year. Then you’ll be ready when the ‘fog clears.’. A sub-market can't trend differently from the region for very long. Ontario (17.6%) led the increases in mortgage delinquency followed by British Columbia (15.6%) and Alberta (14.8%). The resumption of International trade and with foreign students and investors returning will give Vancouver’s economy a big boost. Find out more about the benefits of a mortgage broker. People planning to sell their home will take heart because home values are near all-time highs. It will be strong, and immigration will return as will foreign students returning to study in lower BC. This represents a 5.8 per cent increase over November 2019, but is down just .1 per cent vs October 2020. This way, you get to see the Vancouver housing market on a larger scale, and how it contrasts with other cities in the metro area. Predictions that the Metro Vancouver residential real estate market is in recovery mode may be realized, as home sales in September were up a whopping 46.3 per cent from one year earlier. 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