Economic forecast to slow, with B.C. housing drag deeper than anticipated: Central 1

Vancouver real estate watchers — from popular, but anonymous Twitter accounts to more-outspoken realtors — have been sharing snippets of real-time sales information recently that show some steep declines in prices for detached homes in more expensive neighbourhoods and also downtown condos, with some going for double-digit percentages below their assessed values.

On Thursday, Central 1 released Yu’s economic forecast for B.C., which found the slowing in the housing market to be deeper than he previously anticipated, even as most other contributors to growth, such as labour and LNG developments, look firm. Even as home prices have already fallen more than he thought they would, he thinks they could go down further as the number of active listings compared with sales grows, across the board, for all types of houses.

Even for pre-sale buyers who are end-users, falling values and tighter borrowing requirements could present a challenge.

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