Causes For The Downturn In The Housing Market
The Impact of the B20 Stress Test on BC Home Sales
- Without the stress test, home sales in BC would have been about 7,500 sales—or 10% higher—in 2018
- Approximately $500 million in BC economic activity was lost due the B20 stress test
- The decline in home sales in 2018 was largely due to market factors like interest rates and affordability
The implementation of several federal and provincial housing policies designed to temper BC housing demand has given rise to competing explanations for what ultimately caused the downturn in the housing market. Was it the B20 mortgage stress test? Higher interest rates? The provincial speculation tax or the expansion of the foreign buyers’ tax?
For insight into the causes of the housing market slowdown – read BCREA Market Intelligence Report
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