Bc housing market globe mail
You're referring to the article "B.C. housing market shows signs of slowing down, but prices still rising" published in The Globe and Mail. Here's a summary:
Key points:
- Slowing down: The British Columbia (B.C.) housing market is showing signs of slowing down, with sales and prices moderating in recent months.
- Prices still rising: Despite the slowdown, home prices in B.C. are still rising, albeit at a slower pace than in previous years.
- Vancouver market: The Vancouver market, in particular, is experiencing a slowdown, with sales down 14% year-over-year in February.
- Government intervention: The B.C. government's efforts to cool the market, such as the foreign buyer tax and speculation tax, are likely contributing to the slowdown.
- Affordability concerns: Despite the slowdown, affordability remains a significant concern in B.C., with many first-time buyers struggling to enter the market.
- Regional variations: The market is not uniform across the province, with some areas, such as the Fraser Valley, still experiencing strong demand and price growth.
Quotes:
- "The market is definitely slowing down, but it's not crashing," said Brendon Ogmundson, chief economist at the B.C. Real Estate Association.
- "We're seeing a bit of a correction, but it's not a crash," said Michael Ferreira, a real estate agent in Vancouver.
Takeaways:
- The B.C. housing market is experiencing a slowdown, but prices are still rising.
- Government intervention is likely contributing to the slowdown.
- Affordability remains a significant concern in B.C.
- Regional variations exist, with some areas experiencing stronger demand and price growth than others.
I hope this summary helps!