Good news for home owners and not so good news for new home buyers or those trying to get into the housing market...
A relatively positive outlook from the Scotiabank Economic Report states the following:
We look for continued moderate home price gains in Vancouver and BC, with sales gradually resuming their upward trajectory later this year and into 2019. The province continues to generate new full-time positions, and employment in a number of sectors is likely to rebound from recent weakness, pushing home sales higher and supporting housing-related economic growth as buyers and sellers adjust to new federal and provincial regulations. Housing starts are forecast to average about 40,000 this year and next. Net of demolitions, second-home purchases and foreign buying activity, building is expected to outpace the Province’s estimated household formation of about 24,000 units, resulting in modest home price appreciation relative to 2015–16. Yet the previous years’ accumulated supply shortfall will take time to absorb, keeping prices high and homeownership out of reach for many modest- to middle-income individuals near-term
According to Livabl.com, Anyone hoping for a more affordable housing market in Vancouver, will be sorely disappointed if the above report rings true.