Close X
Monday, November 25, 2024
ADVT 
National

Single Homes In Metro Vancouver Nudge Mark Where Prices Can Fall: Board

The Canadian Press, 04 Jun, 2018 12:00 PM
    VANCOUVER — Home sales across Metro Vancouver tumbled last month, when compared with May 2017 and the Real Estate Board of Greater Vancouver says that raises the potential of lower prices for some types of homes.
     
     
    The board says 2,833 properties sold in its region in May, a 35.1 per cent plunge from sales recorded in the same time last year, although May's sales were up nearly 10 per cent over transactions in April.
     
     
    A news release from the real estate board says sales in May were 19.3 per cent below the 10-year average for the month.  
     
     
    Board president Phil Moore says low sales and a nearly 10 per cent jump in the number of newly listed properties between April and May has pushed selection to its highest level in two years.
     
     
    Moore says supply is still below the 10-year average but when the total number of single detached home sales is divided by total listings for that type of property, the ratio is 14.7, nearing the indicator where downward pressure on prices can occur. 
     
     
    The sales-to-active listings ratios for townhomes and condominiums are higher, at 30.8 per cent for townhomes and 41.7 per cent for condominiums, well above the 20 per cent mark that the board says can trigger upward pressure on prices.
     
     
    "For home sellers to be successful in today's market, it's important to price your property competitively given the shifting dynamics we're experiencing," Moore says in the release. 
     
     
    The composite benchmark price for all residential properties in Metro Vancouver is $1,094,000, an 11.5 per cent increase over May 2017.
     
     
    Sales of detached properties across Metro Vancouver fell 40.2 per cent in May, compared with May 2017, while the benchmark price was set at $1,608,000, a 2.4 per cent increase year-over-year.
     
     
    Sales of condominiums and townhomes also dropped last month when compared with the year before, down 29.3 per cent for condos and 39.8 per cent for townhomes.
     
     
    The benchmark price for condos was up 20 per cent to $701,700 and townhomes jumped 16 per cent to $859,500 over the same period, but the board says price increases for both types of properties have remained under one per cent since April.

    MORE National ARTICLES

    Drug Checking Finds Fentanyl, Other Substances In Vancouver Street Drugs

    Drug Checking Finds Fentanyl, Other Substances In Vancouver Street Drugs
    VANCOUVER — A drug-checking program has found that more than 60 per cent of the substances tested at two supervised consumption sites in Vancouver didn't contain any of the drug that people had expected.

    Drug Checking Finds Fentanyl, Other Substances In Vancouver Street Drugs

    Polycrete Restorations Ltd., A BM Group Company, Celebrates 40th Anniversary

    Polycrete Restorations Ltd., A BM Group Company, Celebrates 40th Anniversary
    In order to accomplish great things, one needs to envision their actions with a sense of purpose that will have a positive impact on society and a lasting legacy. Such is the remarkable story of the BM Group of Companies. 

    Polycrete Restorations Ltd., A BM Group Company, Celebrates 40th Anniversary

    WATCH: Justin Trudeau Uses NYU Graduation Speech To Criticize Growth In Identity Politics

    WATCH: Justin Trudeau Uses NYU Graduation Speech To Criticize Growth In Identity Politics
    Prime Minister Justin Trudeau's first order of business after descending on Donald Trump's hometown Wednesday was to enlist thousands of newly minted American university graduates in the fight against a rising tide of intolerance and nationalism around the world.

    WATCH: Justin Trudeau Uses NYU Graduation Speech To Criticize Growth In Identity Politics

    Doug Ford Vows To Cut Gas Prices, But Unclear On How Revenue Would Be Replaced

    Doug Ford says a Progressive Conservative government would cut gas prices by 10 cents a litre in Ontario, including by reducing the gas tax, but he wasn't clear on how he would replace the lost revenue.

    Doug Ford Vows To Cut Gas Prices, But Unclear On How Revenue Would Be Replaced

    Gymnastics Coach Arrested In Edmonton For Alleged Sex Crimes In Montreal

    Gymnastics Coach Arrested In Edmonton For Alleged Sex Crimes In Montreal
    MONTREAL — Quebec provincial police say an Alberta-based gymnastics coach is facing sexual assault charges in Montreal dating back to the 1980s and early '90s.

    Gymnastics Coach Arrested In Edmonton For Alleged Sex Crimes In Montreal

    Guess Who's Back? Liberals, Conservatives Alike Embrace Stephen Harper's Return

    Guess Who's Back? Liberals, Conservatives Alike Embrace Stephen Harper's Return
    Harper's re-emergence bodes well for the Liberals' strategy to brand the Opposition as "Harper Conservatives."

    Guess Who's Back? Liberals, Conservatives Alike Embrace Stephen Harper's Return