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

    Expert Speaks: Revised Income Sprinkling Rules

    Expert Speaks: Revised Income Sprinkling Rules
    The new rules will extend the TOSI rules to certain family members over the age of 17, with some specific exclusions as outlined by the government.

    Expert Speaks: Revised Income Sprinkling Rules

    Indian-American Doctor Couple Indicted On Health Fraud Charges

    Indian-American Doctor Couple Indicted On Health Fraud Charges
    Dr Ashis K Rakhit, 65, and his wife Jayati Gupta Rakhit, 56, specialise in cardiovascular disease and internal medicine and practiced in Cleveland, Ohio.

    Indian-American Doctor Couple Indicted On Health Fraud Charges

    Snowboarder Found Dead In Treed Area Within Vancouver Island Resort Boundaries

    Snowboarder Found Dead In Treed Area Within Vancouver Island Resort Boundaries
    COURTENAY, B.C. — Officials say a snowboarder is dead after being found unresponsive at a Vancouver Island resort.

    Snowboarder Found Dead In Treed Area Within Vancouver Island Resort Boundaries

    Homeowners, take note

    Homeowners, take note
    As of January 1, 2018, Canadians looking to get a mortgage will have to do so under tighter guidelines.

    Homeowners, take note

    Calgary Skydiver Killed In Southern California Roof Crash

    Calgary Skydiver Killed In Southern California Roof Crash
    PERRIS, Calif. — Authorities have identified a skydiver who died when he fell onto the roof of a home in Southern California.

    Calgary Skydiver Killed In Southern California Roof Crash

    Rush Hulk Can Attend Lacrosse Came In Calgary, But Can't Act Like A Mascot

    Rush Hulk Can Attend Lacrosse Came In Calgary, But Can't Act Like A Mascot
    CALGARY — The Calgary Roughnecks say a Saskatchewan Rush fan who dresses up as the Incredible Hulk can come to this weekend's lacrosse game, but he can't act as a team mascot.

    Rush Hulk Can Attend Lacrosse Came In Calgary, But Can't Act Like A Mascot