After a volatile decade or so, the real estate market in British Columbia is expected to remain rather sedate over the next few years. In fact, according the latest figures, the real estate market in the province is experiencing a mild recession. It doesn't look as though that is going to change anytime soon.
Property prices have finally dropped in Vancouver -- for the first time in many years. Prices in British Columbia's largest West Coast city have been climbing, until now, since 2013. The Real Estate Board of Greater Vancouver said the numbers do not come as a shock, considering additional inventory and a decrease in sales. Still, Vancouver and the surrounding region is one of the most expensive in the country for real estate, with the average home priced at more than $1 million.
Homeownership is becoming more difficult for many British Columbians. In fact, there are apparently only four areas in British Columbia that are affordable when calculated against total household income. Many residents won't be able to afford to buy a home in the province, especially with the federal real estate law that governs the financial stress test.