{"id":1450,"date":"2022-06-20T17:44:49","date_gmt":"2022-06-20T17:44:49","guid":{"rendered":"https:\/\/wolfpackhomeinspection.com\/?p=1450"},"modified":"2022-06-20T17:45:21","modified_gmt":"2022-06-20T17:45:21","slug":"dont-panic-vancouver-housing-market-correction-underway-desjardins","status":"publish","type":"post","link":"https:\/\/wolfpackhomeinspection.com\/dont-panic-vancouver-housing-market-correction-underway-desjardins\/","title":{"rendered":"Don’t panic, Vancouver housing market correction underway: Desjardins"},"content":{"rendered":"\n

Home prices are expected to fall across the country and as we enter what seems to be a housing market correction, Desjardins has released a report on what the future may look like, including how the market might change in Vancouver.<\/p>\n\n\n\n

Like many parts of Canada, people were leaving the Vancouver core to find cheaper housing outside of the city.<\/p>\n\n\n\n

According to the BCREA, while home prices have increased across the province, they\u2019ve increased most in places like northern BC, Chilliwack, Kamloops, Powell River, and Vancouver Island.<\/p>\n\n\n\n

Desjardins suggests that what comes up must come down and that a housing market correction is likely underway.<\/p>\n\n\n\n

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Desjardins cautions not to panic and says that the drop in prices won\u2019t amount to an all-out collapse. Other interesting insights were shared in its\u00a0Canadian Residential Real Estate Outlook.<\/p>\n\n\n\n

There was a rush of people trying to get their purchases in prior to the National Bank of Canada hiking interest rates.<\/p>\n\n\n\n

\u201cBorrowing costs quickly took the wind out of the sails of the Canadian housing market,\u201d reads the report.<\/p>\n\n\n\n

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\"\"<\/a>
In BC, home prices are expected to fall by about 15% by the end of 2023. Still, prices will not be falling as much as they rose during the pandemic.<\/figcaption><\/figure>\n\n\n\n
\"\"<\/a><\/figure>\n\n\n\n

One thing working in Vancouver\u2019s favour is renewed international immigration. The report suggests that immigration should limit how hard the correction will hit.<\/p>\n\n\n\n

Interprovincial migration has also played a part over the last decade, though it hasn\u2019t impacted BC quite as drastically as other provinces.<\/p>\n\n\n\n

\"\"<\/a>
Nationally, the average price of an existing home rose from roughly $530,000 at the end of 2019 to just over $790,000 during the peak in February 2022 \u2014 a 50% increase in two years.<\/figcaption><\/figure>\n\n\n\n
\"\"<\/a><\/figure>\n\n\n\n

In the months since, prices have fallen fast across Canada. In March, they slid by 2.6% month-over-month and were down by 3.8% in April. Existing home sales have dropped, too. In March, they declined by 5.9% and were down by a dramatic 12.6% in April.<\/p>\n\n\n\n

Every province will see a different trend, but Desjardins suggests that the provinces that saw the biggest price gains during the pandemic will see the largest corrections. It doesn\u2019t expect prices to fall below pre-COVID levels.<\/p>\n\n\n\n

\u201cWhile two months of data don\u2019t make a trend, we believe they do suggest that the Canadian housing market has reached an inflection point.\u201d<\/p>\n\n\n\n

<\/p>\n\n\n\n

Source: https:\/\/dailyhive.com\/vancouver\/vancouver-housing-market-correction<\/a><\/p>\n\n\n\n

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<\/p>\n","protected":false},"excerpt":{"rendered":"

Home prices are expected to fall across the country and as we enter what seems to be a housing market correction, Desjardins has released a report on what the future may look like, including how the market might change in Vancouver. Like many parts of Canada, people were leaving the Vancouver core to find cheaper […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/wolfpackhomeinspection.com\/wp-json\/wp\/v2\/posts\/1450"}],"collection":[{"href":"https:\/\/wolfpackhomeinspection.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wolfpackhomeinspection.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wolfpackhomeinspection.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/wolfpackhomeinspection.com\/wp-json\/wp\/v2\/comments?post=1450"}],"version-history":[{"count":1,"href":"https:\/\/wolfpackhomeinspection.com\/wp-json\/wp\/v2\/posts\/1450\/revisions"}],"predecessor-version":[{"id":1455,"href":"https:\/\/wolfpackhomeinspection.com\/wp-json\/wp\/v2\/posts\/1450\/revisions\/1455"}],"wp:attachment":[{"href":"https:\/\/wolfpackhomeinspection.com\/wp-json\/wp\/v2\/media?parent=1450"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wolfpackhomeinspection.com\/wp-json\/wp\/v2\/categories?post=1450"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wolfpackhomeinspection.com\/wp-json\/wp\/v2\/tags?post=1450"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}