Close X
Tuesday, November 5, 2024
ADVT 
National

Vancouver Feb. Home Sales Fall Amid Mortgage, Interest Rate Changes

The Canadian Press, 02 Mar, 2018 01:14 PM
    VANCOUVER — Greater Vancouver's real estate board says home sales in Metro Vancouver in February fell more than 14 per cent below the 10-year average as buyers contended with stricter mortgage rules and higher interest rates.
     
     
    The Real Estate Board of Greater Vancouver says 2,207 homes sold in February 2018, down nine per cent from the same time last year and 14.4 per cent from the 10-year February average.
     
     
    The board says detached homes experienced the biggest drop, down 39.4 per cent compared to the average, while townhomes fell 6.8 per cent and condos rose 5.5 per cent. 
     
     
    Board president Jill Oudil says that rising interest rates and stricter mortgage requirements reduced home buyers' purchasing power, especially those at the entry level.
     
     
    She says that townhome and condo supply is still unable to meet demand, while Vancouver's detached home market is beginning to enter into a buyers' market.
     
     
    In February, the sales-to-active listings ratio for townhomes and condominiums was 37.6 per cent and 59.7 per cent, while for detached homes it was 13 per cent.
     
     
    The board says downward pressure on home prices tends to happen when the ratio dips below 12 per cent for a sustained period, while upward pressure tends to occur when it falls above 20 per cent for several months.
     
     
    The benchmark price for detached homes remained virtually unchanged from January 2018 at $1,602,00 in February.
     
     
    The benchmark price for condos rose 2.6 per cent from January to $682,800 and for condos jumped 1.9 per cent to $819,200.

    MORE National ARTICLES

    Budget Puts B.C. On Path Towards Universal Child Care Program: Carole James

    Parents with children in licensed day care programs in B.C. will see their costs drop under changes introduced in the provincial budget that the government describes as a first step towards providing a universal child care program.

    Budget Puts B.C. On Path Towards Universal Child Care Program: Carole James

    B.C. Unveils Housing Plan That Raises Foreign Buyers Levy And Taxes Speculators

    B.C. Unveils Housing Plan That Raises Foreign Buyers Levy And Taxes Speculators
    VICTORIA — British Columbia is raising its foreign buyers tax and expanding it to areas outside of Vancouver, while bringing in a new levy on speculators, as part of a sweeping plan to improve affordability in the province's overheated housing market.

    B.C. Unveils Housing Plan That Raises Foreign Buyers Levy And Taxes Speculators

    British Columbia To Eliminate Medical Service Plan Premiums In 2020

    British Columbia To Eliminate Medical Service Plan Premiums In 2020
    VICTORIA — A premium long viewed as a financial irritant in British Columbia that is paid by individuals and families for health care will be eliminated on Jan. 1, 2020.

    British Columbia To Eliminate Medical Service Plan Premiums In 2020

    Widow Of Avalanche Victim Sues Guides, Lodge Operator For Negligence

    Widow Of Avalanche Victim Sues Guides, Lodge Operator For Negligence
    VANCOUVER — The widow of an Alberta man who died in an avalanche near Golden, B.C., is suing the guides, their mountain guide association and the lodge operator for negligence.

    Widow Of Avalanche Victim Sues Guides, Lodge Operator For Negligence

    Coquitlam Piano Teacher Charged With Sexual Assault Of 3 Former Students

    Coquitlam Piano Teacher Charged With Sexual Assault Of 3 Former Students
    COQUITLAM, B.C. — Police in Coquitlam, B.C., are looking for potential victims of a piano teacher accused of sexually assaulting his students.

    Coquitlam Piano Teacher Charged With Sexual Assault Of 3 Former Students

    Walmart Partnering With Online Grocery Service To Bring Home Delivery To Vancouver

    Walmart Partnering With Online Grocery Service To Bring Home Delivery To Vancouver
    VANCOUVER — Walmart Canada Corp. says it is partnering with an online grocery service to bring home delivery to Vancouver by the summer, as the brick-and-mortar retailer ramps up its effort in the country to compete with Amazon.

    Walmart Partnering With Online Grocery Service To Bring Home Delivery To Vancouver