Metro Vancouver & Fraser Valley Real Estate Sales & Values 2018
(April 22, 2016
)
Well folks another gorgeous spring weekend is upon us here on the west coast of our supernatural province. What are we doing this Friday evening you ask? Well some of our real estate team are deep into every imaginable kind of real estate, economic and forecasting models, scratching our heads and once again putting our professional necks on the chopping block by predicting the future of your all important real estate market! Bored? Excited? Either way here is the tip of the proverbial iceberg, feel free to call anytime and request the entire report in email or hard copy form. We warn you, you might need a glass of wine or a cold one to get through the dry reading.
Robust B.C. house sales and rising prices continue through 2018, as forecasted by The BC Home Hunter Group (Sutton West Coast Realty) and Central 1 Credit Union
Red-hot Metro Vancouver underpins provincial momentum:
Riding on the coattails of strong housing momentum in the south coast markets, provincial housing sales and prices will reach a new zenith this year, with robust sales and price gains continuing through 2018, says the latest housing forecast by BCHH (Sutton West Coast Realty) and Central 1 Credit Union (Central 1).
In 2016, provincial resale transactions are forecast to climb 17 per cent to about 109,500 units and the median price will rise 10 per cent to $473,000. Sales will hold steady in 2017 near 109,000 units as a mild decline in the Lower Mainland will be offset by growth in other regions, but price growth will remain a solid 4.7 per cent.
“Red-hot housing demand in Metro Vancouver and an up cycle on Vancouver Island will continue to underpin provincial housing momentum,” said Bryan Yu, Senior Economist with Central 1, the trade association and services provider for 42 credit unions in B.C.
Across the province, house prices will keep rising over the next three years, but northern markets will remain slower than Metro Vancouver and Vancouver Island, constrained by weak oil, natural gas and commodity prices that are hurting the regional economies.
So far in 2016 the Metro Vancouver area housing market has far surpassed Central 1’s forecast made in late 2015 and Yu now expects sales growth of 22 per cent this year and a median price of $668,000, up 13 per cent. Detached homes will surge 23 per cent, to surpass $1.1 million, far outstripping gains in the multi-family market.
“The dream of a single-family detached home in Metro Vancouver is going to remain just a dream for most buyers,” Yu says. “Rising prices and lack of land mean increased density and fewer detached homes in the hot market areas.
“The romanticized view of a single-family detached home for every family is antiquated and increasingly illusory,” Yu said. “Detached homes make up a shrinking share of the housing stock and increasingly are no longer single-family dwellings as many now have rental units, legal or otherwise.”
Highlights:
The median home price, province-wide, is forecast to climb nearly five per cent in 2017 and three per cent in 2018 to reach $508,000.
Red-hot Metro Vancouver underpins provincial momentum:
Riding on the coattails of strong housing momentum in the south coast markets, provincial housing sales and prices will reach a new zenith this year, with robust sales and price gains continuing through 2018, says the latest housing forecast by BCHH (Sutton West Coast Realty) and Central 1 Credit Union (Central 1).
In 2016, provincial resale transactions are forecast to climb 17 per cent to about 109,500 units and the median price will rise 10 per cent to $473,000. Sales will hold steady in 2017 near 109,000 units as a mild decline in the Lower Mainland will be offset by growth in other regions, but price growth will remain a solid 4.7 per cent.
“Red-hot housing demand in Metro Vancouver and an up cycle on Vancouver Island will continue to underpin provincial housing momentum,” said Bryan Yu, Senior Economist with Central 1, the trade association and services provider for 42 credit unions in B.C.
Across the province, house prices will keep rising over the next three years, but northern markets will remain slower than Metro Vancouver and Vancouver Island, constrained by weak oil, natural gas and commodity prices that are hurting the regional economies.
So far in 2016 the Metro Vancouver area housing market has far surpassed Central 1’s forecast made in late 2015 and Yu now expects sales growth of 22 per cent this year and a median price of $668,000, up 13 per cent. Detached homes will surge 23 per cent, to surpass $1.1 million, far outstripping gains in the multi-family market.
“The dream of a single-family detached home in Metro Vancouver is going to remain just a dream for most buyers,” Yu says. “Rising prices and lack of land mean increased density and fewer detached homes in the hot market areas.
“The romanticized view of a single-family detached home for every family is antiquated and increasingly illusory,” Yu said. “Detached homes make up a shrinking share of the housing stock and increasingly are no longer single-family dwellings as many now have rental units, legal or otherwise.”
Highlights:
The median home price, province-wide, is forecast to climb nearly five per cent in 2017 and three per cent in 2018 to reach $508,000.Resale market strength and low inventory will propel new housing starts higher over the forecast period, driving economic growth.
Metro Vancouver sales will ease in 2017 and 2018 due to a combination of affordability erosion and lack of available inventory.
The impact of foreign ownership is modest and concentrated in the luxury market in our view, but does have ripple effects on the rest of the housing market as high-income households move down market, lifting prices.
Vancouver Island sales will climb by three per cent in 2017 before steadying, while prices will climb by about three per cent per year.
There you have it folks, the very tip of the information iceberg. If you or anyone you know are considering the purchase or sale of your home or any real estate don't hesitate to call, text or email our group of real estate workaholics anytime, 604-767-6736. Click the SOLD heart to find out what we can sell your home worth today.
ShareCategories
Archives
- May 2022 (1)
- November 2021 (2)
- October 2021 (3)
- July 2021 (1)
- March 2021 (1)
- April 2020 (1)
- January 2020 (1)
- October 2019 (1)
- September 2019 (1)
- August 2019 (1)
- June 2019 (1)
- April 2019 (1)
- December 2018 (1)
- August 2018 (1)
- July 2018 (1)
- June 2018 (1)
- April 2018 (1)
- March 2018 (1)
- February 2018 (2)
- January 2018 (2)
- December 2017 (1)
- November 2017 (2)
- October 2017 (2)
- August 2017 (3)
- June 2017 (3)
- April 2017 (3)
- March 2017 (3)
- February 2017 (1)
- January 2017 (3)
- December 2016 (4)
- November 2016 (2)
- October 2016 (3)
- August 2016 (3)
- July 2016 (1)
- June 2016 (3)
- April 2016 (3)
- March 2016 (3)
- February 2016 (10)
- January 2016 (5)
- December 2015 (1)
- November 2015 (4)
- October 2015 (3)
- September 2015 (1)
- August 2015 (3)
- July 2015 (3)
- June 2015 (10)
- May 2015 (4)
- April 2015 (9)
- March 2015 (3)
- February 2015 (5)
- January 2015 (12)
- December 2014 (7)
- November 2014 (13)
- October 2014 (13)
- September 2014 (9)
- August 2014 (4)
- July 2014 (10)
- June 2014 (12)
- May 2014 (10)
- April 2014 (5)
- March 2014 (23)
Subscribe To This Blog
© 2004. An independently owned and operated broker member of Sutton West Coast Realty. Each office independently owned and operated.
Sutton and Sutton West Coast are service marks of Sutton West Coast Realty and are used herein under license. Mandeep Sendher is the licensed realtor at The BC Home Hunter Group and though he is not the owner of any BCHH domains, trademarks, branding or content he assumes 100% responsibility for any and all online and offline print material, artwork, reports etc. MANDEEP SENDHER is responsible for all problems and issues including this web site or other BCHH social media platforms or electronic communication.
All photos, artwork and materials are assumed to be in the public domain unless otherwise stated. Copyright claims will be honored upon specific identification of material and immediately dealt with upon request.
The content of this website is protected by copyright law. All rights reserved. Unauthorized use in any way, shape or form is prohibited. Information is deemed reliable but is not guaranteed. Maximum care has been put into the accuracy of the content, but specifications and details should be verified by the parties involved in transactions, and we are not liable for any losses whatsoever incurred as a result of information on this website.
You are not permitted to post on or transmit to or from this web site any unlawful, threatening, libellous, defamatory, obscene, inflammatory, pornographic or profane material, or other content that could give rise to civil or criminal liability under the law.
This web site does not grant you any rights to use our trademarks, service marks, logos, artwork or trade names. The content on this site is protected by copyrights, trademarks and service marks, other intellectual property laws, and other laws and regulations.
The design, layout, graphics, photography are copyrighted and the property of THE BC HOME HUNTER GROUP, and may not be reproduced and/or used for any purposes whatsoever, without written consent. THE BC HOME HUNTER GROUP does not claim to own the rights to any or all artwork, designs, photographs etc, found on this web site or any other or any social media unless otherwise stipulated.
BCHOMEHUNTER.COM
VANCOUVERHOMEHUNTER.COM
FRASERVALLEYHOMEHUNTER.COM
NORTHVANCOUVERHOMEHUNTER.COM
WHITEROCKHOMEHUNTER.COM
LANGLEYHOMEHUNTER.COM
CLOVERDALEHOMEHUNTER.COM
WESTVANCOUVERHOMEHUNTER.COM
PITTMEADOWSHOMEHUNTER.COM
BURNABYHOMEHUNTER.COM
COQUITLAMHOMEHUNTER.COM
DELTAHOMEHUNTER.COM
MAPLERIDGEHOMEHUNTER.COM
PORTMOODYHOMEHUNTER.COM
SURREYHOMEHUNTER.COM
SOUTHSURREYHOMEHUNTER.COM
FORTLANGLEYHOMEHUNTER.COM
MORGANHEIGHTSHOMEHUNTER.COM
604LIFE.COM