Close X
Wednesday, November 6, 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

    B.C. Premier John Horgan Says He Won't Escalate Trade Dispute With Alberta Over Pipeline

    B.C. Premier John Horgan Says He Won't Escalate Trade Dispute With Alberta Over Pipeline
    British Columbia Premier John Horgan doesn't intend to respond to any provocation from Alberta in the escalating trade dispute over the Trans Mountain pipeline.

    B.C. Premier John Horgan Says He Won't Escalate Trade Dispute With Alberta Over Pipeline

    Remains Of 6 Individuals Found On Property Linked To Serial Killer Bruce Mcarthur: Police

    Remains Of 6 Individuals Found On Property Linked To  Serial Killer Bruce Mcarthur: Police
    Toronto police say they will update the public this afternoon on their investigation into alleged serial killer Bruce McArthur.

    Remains Of 6 Individuals Found On Property Linked To Serial Killer Bruce Mcarthur: Police

    One Man Dead After Multiple Pileups On Montreal Area Highways

    One Man Dead After Multiple Pileups On Montreal Area Highways
    MONTREAL — A man in his 70s died and at least 15 people suffered minor injuries Wednesday in one of several pileups on Montreal area highways in the midst of a winter storm.

    One Man Dead After Multiple Pileups On Montreal Area Highways

    Man, 29, Dies In Montreal Hospital After Shooting

    Man, 29, Dies In Montreal Hospital After Shooting
    Police say the shooting occurred just after midnight during an argument involving a few people on Chambly St., north of the downtown core.

    Man, 29, Dies In Montreal Hospital After Shooting

    Justin Trudeau Looks To Lure Tech Talent, Capital North In San Francisco Visit

    Justin Trudeau Looks To Lure Tech Talent, Capital North In San Francisco Visit
    The employee roll at Ben Zifkin's Toronto-based startup is set to double over the coming year to handle the increase in users of his free service, a business-based social network known as Hubba.

    Justin Trudeau Looks To Lure Tech Talent, Capital North In San Francisco Visit

    Medicine Hat Man Pleads Guilty To Threatening Prime Minister Trudeau

    Medicine Hat Man Pleads Guilty To Threatening Prime Minister Trudeau
    William Benham, 52, was in Medicine Hat provincial court today and entered a guilty plea to charges of uttering threats and threats to cause damage to property.

    Medicine Hat Man Pleads Guilty To Threatening Prime Minister Trudeau