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

    Property Crime Down, Violent Crime Up In Vancouver

    Property Crime Down, Violent Crime Up In Vancouver
    Vancouver police say there was a 1.5 per cent decrease in the overall crime rate last year in the city compared with 2016 but the violent crime rate was up 1.9 per cent.

    Property Crime Down, Violent Crime Up In Vancouver

    Man Dies After Being Caught In Southeastern B.C. Avalanche On Feb. 9

    A news release from RCMP says the unnamed victim was being treated in a Calgary hospital but could not be saved

    Man Dies After Being Caught In Southeastern B.C. Avalanche On Feb. 9

    Masked Man Brandishing Machete Robs Nanaimo Liquor Store

    Masked Man Brandishing Machete Robs Nanaimo Liquor Store
    Police are searching for a masked suspect armed with a machete who robbed a liquor store in Nanaimo.

    Masked Man Brandishing Machete Robs Nanaimo Liquor Store

    12-Year-Old Vancouver Girl Groped On The City's West Side

    12-Year-Old Vancouver Girl Groped On The City's West Side
    Vancouver police say they are looking for a male suspect after a 12-year-old girl was groped on the city's west side.

    12-Year-Old Vancouver Girl Groped On The City's West Side

    Spiny Dogfish Returned Home After Rehab

    Vancouver Aquarium officials say a rescued and rehabilitated shark has been released into Burrard Inlet following six months of rehabilitation.

    Spiny Dogfish Returned Home After Rehab

    Greyhound Bus To Dawson Creek Skids Off Highway 97, Slightly Injuring One Person

    Greyhound Bus To Dawson Creek Skids Off Highway 97, Slightly Injuring One Person
    A Greyhound bus travelling from Prince George to Dawson Creek has skidded off Highway 97, slightly injuring one passenger.

    Greyhound Bus To Dawson Creek Skids Off Highway 97, Slightly Injuring One Person