Vancouver home sales, prices to drop in 2017: BCREA


The foreign buyers tax and new government mortgage regulations will contribute to declines in both home unit sales and prices across Vancouver in 2017, the British Columbia Real Estate Association announced November 29.

Unit sales will fall 18.5% in Vancouver next year, the BCREA forecasts, saying it expects a total of 34,000 homes to change hands in 2017. This is down from an estimated 41,700 units in 2016.

Prices will fall in 2017 as well, the association predicts. The average home sales price in Vancouver will be $940,000 next year, down 8.7% from $1,030,000 this year.

Declines will also be seen across the province as a whole. The BCREA forecasts unit sales will fall 15.4%, reaching 96,300, down from a record 113,800 this year. The average price will fall from $698,900 to $654,200 – a decrease of 6.4%.

“Housing demand across the province is expected to moderate next year as declining affordability related to rising prices and government policy interventions limit the number of eligible buyers,” said BCREA chief economist Cameron Muir.

“However, while home sales are not expected to repeat this year’s record performance, consumer demand is expected to remain well above the 10-year average.”

The supply of homes across B.C. is expected to increase next year as demand moderates and new home projects are completed, the BCREA said in its report.

“A trend toward more balance in the market will unfold next year and exert less upward pressure on home prices,” the report said. “In addition, a larger contraction in the number of high-end home sales will contribute to moving the aggregate average price statistic lower.”


Check out BIV’s podcast for the week of November 23, 2016:

comments powered by Disqus

More from Real Estate

Facebook leases two floors at Waterfront Centre

Social media giant sure likes Vancouver

Read Article

BIV on Global BC November 23, 2017: Experts split on federal housing ...

Tyler Orton discusses experts being divided over the federal affordable housing plan. Plus: The best Canadian cities for tech companies

Read Article

Robson Street rents drop 15% in past year

Vancouver fashion strip ranks as ninth priciest in the Americas

Read Article

Mount Pleasant nabs another tech tenant

Veteran gaming firm Relic Entertainment moving its headquarters into city’s emerging tech hub 

Read Article

Memo to homeless: help coming in three years

$40 billion national housing strategy fleshed out in Vancouver – but delivery details remain vague

Read Article

Subscribe to our mailing lists

You may withdraw your consent at any time.

* indicates required


* You can modify your newsletter subscriptions at the bottom of any newsletter you receive.
Business in Vancouver Media Group
303 West 5th Avenue, Vancouver, British Columbia
V5Y 1J6 · Canada