Close X
Tuesday, November 26, 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

    Health Officials, Police Dealing With Rash Of Overdoses In Vancouver, Victoria

    VANCOUVER — Health officials are warning about an increase in drug overdoses in the Vancouv...

    Health Officials, Police Dealing With Rash Of Overdoses In Vancouver, Victoria

    Floods, Mudslides Prompt Evacuation Orders, Alerts In Several Parts Of B.C.

    Seventy-four properties have been added to an evacuation order issued earlier Sunday by the Cariboo Regional District.

    Floods, Mudslides Prompt Evacuation Orders, Alerts In Several Parts Of B.C.

    Vancouver Police Arrest Suspect After 4 Knife Attacks In Of Downtown Eastside

    Vancouver Police Arrest Suspect After 4 Knife Attacks In Of Downtown Eastside
    Vancouver Police have made an arrest after a string of four attacks, each 10 minutes apart, on the city's Downtown Eastside.

    Vancouver Police Arrest Suspect After 4 Knife Attacks In Of Downtown Eastside

    Abbotsford Police Officer Investigated Over Alleged Theft From Crime Scene

    The department says in a news release that the allegation is linked to a search at an Abbotsford home last November.

    Abbotsford Police Officer Investigated Over Alleged Theft From Crime Scene

    Psychiatric Nurse Finds Success After Sorrow

    Psychiatric Nurse Finds Success After Sorrow
    The suicide of a close friend changed Trevor Yee’s life forever. 

    Psychiatric Nurse Finds Success After Sorrow

    VIDEO: Father Ties Daughter On His Bike As She Refuses To Go To School

    VIDEO: Father Ties Daughter On His Bike As She Refuses To Go To School
    In a shocking video footage that has surfaced on social media, a man in China can be seen driving a bike with a child tied at the back. 

    VIDEO: Father Ties Daughter On His Bike As She Refuses To Go To School