Close X
Monday, November 25, 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

    Vancouver Police Say Increased Patrols Making A Difference In Downtown Eastside

    Vancouver Police Say Increased Patrols Making A Difference In Downtown Eastside
    There has been a noticeable decrease in street disorder and violent crime in the Downtown Eastside since Vancouver Police began a new safety initiative in the area on January 28. 

    Vancouver Police Say Increased Patrols Making A Difference In Downtown Eastside

    Coquitlam Police Seeking Witnesses To An Interrupted Break And Enter To A Home

    Coquitlam Police Seeking Witnesses To An Interrupted Break And Enter To A Home
    Coquitlam –On Friday, February 9th, at 8:23 p.m. the Coquitlam RCMP were called to a home in the 600 block of Poirier St. for a report of an interrupted break and enter.

    Coquitlam Police Seeking Witnesses To An Interrupted Break And Enter To A Home

    Spousal Sponsorship Process Now Moving Faster: Immigration Minister Ahmed Hussen

    Spousal Sponsorship Process Now Moving Faster: Immigration Minister Ahmed Hussen
    OTTAWA — Immigration Minister Ahmed Hussen says the government has met its goal of shortening wait times for those hoping to sponsor their spouse from abroad. 

    Spousal Sponsorship Process Now Moving Faster: Immigration Minister Ahmed Hussen

    Canadian Rockers Hedley Says Sexual Misconduct Claims Are 'Unsubstantiated'

    Canadian Rockers Hedley Says Sexual Misconduct Claims Are 'Unsubstantiated'
    The band has posted a message on Facebook to address claims of sexual misconduct involving young fans that emerged on Twitter in recent days.

    Canadian Rockers Hedley Says Sexual Misconduct Claims Are 'Unsubstantiated'

    Kelowna West Byelection To Determine Former Premier Christy Clark's Replacement Today

    KELOWNA, B.C. — Voters will head to the polls in Kelowna, B.C., today, casting ballots to replace former B.C. premier Christy Clark.

    Kelowna West Byelection To Determine Former Premier Christy Clark's Replacement Today

    10-Year-Old Girl On School Ski Trip In Southern Alberta Hits Pole, Dies In Hospital

    10-Year-Old Girl On School Ski Trip In Southern Alberta Hits Pole, Dies In Hospital
    The Student From Canyon Elementary In Pincher Creek Lost Control And Struck A Pole

    10-Year-Old Girl On School Ski Trip In Southern Alberta Hits Pole, Dies In Hospital