{"id":528,"date":"2017-04-20T18:38:45","date_gmt":"2017-04-20T22:38:45","guid":{"rendered":"http:\/\/www.juliafreeman.ca\/blog\/?p=528"},"modified":"2017-05-01T18:43:37","modified_gmt":"2017-05-01T22:43:37","slug":"early-signs-that-vancouver-housing-market-correction-may-be-over","status":"publish","type":"post","link":"https:\/\/www.juliafreeman.ca\/blog\/2017\/04\/early-signs-that-vancouver-housing-market-correction-may-be-over\/","title":{"rendered":"Early Signs that Vancouver Housing Market Correction May Be Over"},"content":{"rendered":"<p style=\"text-align: justify;\"><strong>Royal LePage<\/strong> <strong>says early evidence suggests that the recent correction in Vancouver\u2019s housing market may be short-lived.<\/strong><\/p>\n<p style=\"text-align: justify;\">The realtor released a report Tuesday saying Canada\u2019s two largest real estate markets continued their divergence in the first quarter of the year.<\/p>\n<p style=\"text-align: justify;\">The aggregate price of a home in the Greater Toronto Area rose by an \u201cunprecedented\u201d 20 per cent across all housing types to $759,241 in the first three months of 2017.<\/p>\n<p style=\"text-align: justify;\">In the Greater Vancouver area, the price of a home rose 12.3 per cent year-over-year to $1,179,482.<\/p>\n<p style=\"text-align: justify;\">Royal LePage CEO Phil Soper says the<strong> housing correction in Vancouver began seven months ago, around the time that the B.C. government introduced a 15 per cent tax on foreign nationals buying real estate in the city.<\/strong><\/p>\n<p style=\"text-align: justify;\">Sales volumes then plunged and prices slowed their torrid upwards trajectory.<\/p>\n<p style=\"text-align: justify;\">But just in the past month, sales in the Vancouver area have leapt forward by close to 50 per cent on a month-over-month basis, says Soper \u2014 better than the seasonal average.<\/p>\n<p style=\"text-align: justify;\">\u201cAn unfortunate side effect of heavy-handed regulatory intervention is that we risk market whiplash,\u201d Soper said in a statement.<\/p>\n<p style=\"text-align: justify;\"><strong>\u201cIn the coming weeks, it is possible that six months of pent-up demand will be unleashed on the market, sending prices sharply upward again; this when the pre-intervention 2016 trend was a natural market slowdown based on eroding affordability.\u201d<\/strong><\/p>\n<p>Download the complete article <a href=\"http:\/\/vancouversun.com\/news\/local-news\/early-signs-that-vancouver-housing-market-correction-may-be-over-royal-lepage\"><strong>here.<\/strong><\/a><\/p>\n<p style=\"text-align: right;\">Credit The Vancouver Sun<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Royal LePage says early evidence suggests that the recent correction in Vancouver\u2019s housing market may be short-lived. The realtor released a report Tuesday saying Canada\u2019s two largest real estate markets &hellip; [<a href=\"https:\/\/www.juliafreeman.ca\/blog\/2017\/04\/early-signs-that-vancouver-housing-market-correction-may-be-over\/\">read more<\/a>]<\/p>\n","protected":false},"author":2,"featured_media":531,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"_links":{"self":[{"href":"https:\/\/www.juliafreeman.ca\/blog\/wp-json\/wp\/v2\/posts\/528"}],"collection":[{"href":"https:\/\/www.juliafreeman.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.juliafreeman.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.juliafreeman.ca\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.juliafreeman.ca\/blog\/wp-json\/wp\/v2\/comments?post=528"}],"version-history":[{"count":2,"href":"https:\/\/www.juliafreeman.ca\/blog\/wp-json\/wp\/v2\/posts\/528\/revisions"}],"predecessor-version":[{"id":530,"href":"https:\/\/www.juliafreeman.ca\/blog\/wp-json\/wp\/v2\/posts\/528\/revisions\/530"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.juliafreeman.ca\/blog\/wp-json\/wp\/v2\/media\/531"}],"wp:attachment":[{"href":"https:\/\/www.juliafreeman.ca\/blog\/wp-json\/wp\/v2\/media?parent=528"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.juliafreeman.ca\/blog\/wp-json\/wp\/v2\/categories?post=528"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.juliafreeman.ca\/blog\/wp-json\/wp\/v2\/tags?post=528"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}