Report says government policies weigh on B.C. housing market
A real estate market outlook by Vancouver's Central 1 Credit Union says tougher federal and provincial government housing policies are behind a drop in demand for resale housing in British Columbia.
The report released on Tuesday says Vancouver is the epicentre of a real estate downturn where home sales dropped 40 per cent since the end of last year as stricter policies deter potential buyers while sellers wait on the sidelines for a rebound.
Report author, Central 1 deputy chief economist Bryan Yu, said that despite B.C.'s strong economy, real estate transactions will decline 11 per cent in 2019 and home values will drop four per cent before a mild market rebound.
"We're probably hitting a bottom," said Yu in a telephone interview. "We will probably be heading up at some point in 2019. It's not going to get much worse than this."
