Close X
Thursday, October 31, 2024
ADVT 
National

Fewer Buyers, More Choice, Push Vancouver Home Sales To Lowest Level Since 2000

The Canadian Press, 02 Aug, 2018 11:45 AM
    VANCOUVER — Home sales in July across Metro Vancouver tumbled to their lowest level in 18 years in statistics compiled by the real estate board, but prices remained steady since last month.
     
     
    The Greater Vancouver Real Estate Board says 2,070 properties changed hands in July, a 30 per cent plunge when compared with July of last year and about 29 per cent below the 10-year sales average for the month.
     
     
    The number of condos, townhomes and detached houses listed for sale were up 32 per cent year-over-year, and 1.6 per cent since June.
     
     
    The real estate board says the benchmark price for all residential properties was just under $1.1 million, a 6.7 per cent hike over July 2017 but a slip of 0.6 per cent since June.
     
     
    Board president Phil Moore says the number of sales to active listings across Metro Vancouver last month was pegged at almost 10 per cent for detached homes, 20 per cent for townhomes and about 27 per cent for condos.
     
     
    Analysts expect downward pressure on prices when the ratio dips below 12 per cent, while property prices tend to climb when it is over 20 per cent.
     
     
    Moore said there's less upward pressure on home prices across the region.
     
     
    "This is most pronounced in the detached home market, but demand in the townhome and apartment markets is also relenting from the more frenetic pace experienced over the last few years," Moore said in a news release on Wednesday. 
     
     
    Real estate board data shows July sales of single detached homes plunged nearly 33 per cent compared with July of last year, while the almost $1.6 million benchmark price slipped 1.5 per cent over the same period and is down 0.6 per cent since June.
     
     
    Sales of condos decreased 26.5 per cent year-over-year while sales of townhomes fell by almost 35 per cent, but both property types have seen price hikes above 12 per cent since last July.
     
     
    The benchmark price is $700,500, for a condo and $856,000 for a townhome, but the board says prices for condos and townhomes have slipped about 0.5 per cent since June.
     
     
    "With increased mortgage rates and stricter lending requirements, buyers and sellers are opting to take a wait-and-see approach for the time being," Moore said.

    MORE National ARTICLES

    Search For Jet Ski Operator After Crash Of Two Water Craft In Kamloops, B.C.

    Search For Jet Ski Operator After Crash Of Two Water Craft In Kamloops, B.C.
     The search for a missing man who had been operating a personal watercraft has resumed on the South Thompson River near Kamloops, B.C.

    Search For Jet Ski Operator After Crash Of Two Water Craft In Kamloops, B.C.

    Arrest Made After Man And Dog Stabbed In Vancouver’s Kitsilano Neighbourhood

    Arrest Made After Man And Dog Stabbed In Vancouver’s Kitsilano Neighbourhood
    Police say they first responded to a reported stabbing shortly after 7 a.m. and found a man in his late 20s with serious injuries. He was taken to hospital.

    Arrest Made After Man And Dog Stabbed In Vancouver’s Kitsilano Neighbourhood

    Higher Interest Rates To Hit Younger, Middle-Income Households: Federal Analysis

    Higher Interest Rates To Hit Younger, Middle-Income Households: Federal Analysis
    A newly released federal analysis says younger, middle-income households will feel the biggest impacts from the Bank of Canada's gradual move towards higher interest rates.

    Higher Interest Rates To Hit Younger, Middle-Income Households: Federal Analysis

    VIDEO: Vancouver Police Seeking Suspect Who Allegedly Shoved 37-Yr-Old Surrey Man Into Traffic

    VIDEO: Vancouver Police Seeking Suspect Who Allegedly Shoved 37-Yr-Old Surrey Man Into Traffic
    Police are investigating after a man was pushed into traffic on East Hastings Street. He was run over by an SUV and suffered serious injuries.

    VIDEO: Vancouver Police Seeking Suspect Who Allegedly Shoved 37-Yr-Old Surrey Man Into Traffic

    Surrey Police Investigate ‘Targeted’ Sunday Shooting

    Surrey Police Investigate ‘Targeted’ Sunday Shooting
    RCMP responded to reports of shots fired Sunday afternoon at a Surrey home in the 7800 block of 138th street in East Newton. 

    Surrey Police Investigate ‘Targeted’ Sunday Shooting

    Hamilton, Ont. Chiropractor Charged With Alleged Sexual Assault Of Two Women

    Hamilton, Ont. Chiropractor Charged With Alleged Sexual Assault Of Two Women
    A Ontario chiropractor, already facing discipline with professional watchdogs, has been charged in connection with two alleged sexual assaults on his patients.

    Hamilton, Ont. Chiropractor Charged With Alleged Sexual Assault Of Two Women