Close X
Tuesday, November 26, 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

    Feds Earmark Cash To Protect Children From Online Sexual Exploitation

    Feds Earmark Cash To Protect Children From Online Sexual Exploitation
    OTTAWA — The Liberal government has announced millions of dollars in new money for a national centre that works to protect children from online sexual exploitation.

    Feds Earmark Cash To Protect Children From Online Sexual Exploitation

    On Eve Of Trudeau Trip To India, Harjit Sajjan, Amarjit Sohi Dismiss Claims Of Sikh Nationalism

    On Eve Of Trudeau Trip To India, Harjit Sajjan, Amarjit Sohi Dismiss Claims Of Sikh Nationalism
    Defence Minister Harjit Sajjan calls it "ridiculous" and "offensive" that a magazine in India is accusing Canada of being complicit in a rise in Sikh terrorism.

    On Eve Of Trudeau Trip To India, Harjit Sajjan, Amarjit Sohi Dismiss Claims Of Sikh Nationalism

    OPINION: Prime Minister Justin Trudeau’s ISIS Ambassadors

    OPINION: Prime Minister Justin Trudeau’s ISIS Ambassadors
    In his year end interview with CTV, Prime Minister Justin Trudeau stated with confidence that, barring some, most ISIS fighters returning to Canada could play a positive role in community outreach programs. 

    OPINION: Prime Minister Justin Trudeau’s ISIS Ambassadors

    Drowning Of 6 People On Whale Watching Vessel An Accident: B.C. Coroner

    VICTORIA — The drowning deaths of six people during a whale watching trip off British Columbia has been classified as accidental by the province's coroner's service.

    Drowning Of 6 People On Whale Watching Vessel An Accident: B.C. Coroner

    Lions Bay Mayor Karl Buhr Apologizes For Sharing 'Urban Myth' About Teen Vape Death

    Lions Bay Mayor Karl Buhr Apologizes For Sharing 'Urban Myth' About Teen Vape Death
    LIONS BAY, B.C. — A politician in British Columbia is apologizing for spreading a false story about a teenage boy who supposedly died from a drug overdose.

    Lions Bay Mayor Karl Buhr Apologizes For Sharing 'Urban Myth' About Teen Vape Death

    One Dead, One Critical, Two Seriously Hurt In Feb. 3 Crash On B.C. Highway

    MERRITT, B.C. — RCMP in British Columbia's southern Interior are releasing more details about a fatal crash Saturday between a transport truck and a SUV on the Coquihalla Highway south of Merritt.

    One Dead, One Critical, Two Seriously Hurt In Feb. 3 Crash On B.C. Highway