Sales volumes reached six-year lows and prices began falling—a rare event for the 68 percent of B.C. residents who own a home, according to Statistics Canada.
There’s one other glaring risk: the record number of new housing units nearing completion. The 12-month sum has ramped up to all-time highs of nearly 40,000, the latest Statcan data show. Throw in a host of housing starts and near-record totals for units under construction, and we’re about to see a ton of new product, which thankfully should ease supply woes. Depending on the state of the labour market, this will help keep prices in check, or push them further down if unemployment and tighter credit weaken housing demand.