Vancouver Housing Market Status 2020 – Forecast
How was the Housing Market doing in 2019? Priced dropped, sales go up
Vancouver Housing Market Status 2020 – Forecast: Vancouver housing market seems to recover quicker than what we expected.
We’ve seen the market was not moving fast in the early of 2019; however, it quickly picks up at the end of the year. Especially from Oct-Dec 2019; usually, these 3 months were not the peak. Thanks to the mortgage rate and the listing prices, more and more potential buyers have jumped into the market in last fall.
In Vancouver’s housing market, still, the whole bunch of potential buyers (deal makers, 1st home buyers, and some investors) want to get their homes. As properties prices dropped, they become motivated.
At the same time, the combination of low-interest rates, strong levels of hiring and population gains are underpinning housing demand within B.C. Although economic growth slows this year to about a two per cent pace, with drag coming from exports and consumer demand, GDP growth is forecast to remain modest over the coming years, led by major project investment and other non-residential construction.
The last quarter home sales really upward sales momentum will likely continue into 2020?
Maybe. Before we discuss that, let’s take a look at the rental market in the Greater Vancouver area. In the rental market, rising price trends over the past 10 years, because of insufficient construction of the purpose-built rental building. Even a growing population and economy continue to underpin a tight rental market despite rising rental construction trends in recent years.
It is a bit of ridiculous when you seeking an apartment unit to rent – usually, the rental rate is around $1400-$1800 for 1 bedroom unit depends on the location. The rental cost is almost enough to cover your mortgage. Just of the stress test, which is the biggest barrier for 1st time home buyers.
New BC Assessment 2020
The BC assessment of 2020 had appraised all properties prices down 8-15%. Which is a good sign for buyers; however, it really depends on the sellers and how the listing agent to convince their clients to lower the home price even more to sell. It might take up to 2-3 months for sellers to face reality if their houses/condo is not getting any offers – let’s keep an eye on this.
The chart below is from 温哥华房价2020预测_Central 1’s BC Resale Market Forecast 2020.