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

    P.E.I. Legion To Apologize After Sikh Man Reportedly Asked To Remove Headdress

    P.E.I. Legion To Apologize After Sikh Man Reportedly Asked To Remove Headdress
    TIGNISH, P.E.I. — The president of a P.E.I. branch of the Royal Canadian Legion is expected to apologize after a Sikh man was reportedly asked to remove his religious head covering and heckled with racist remarks.

    P.E.I. Legion To Apologize After Sikh Man Reportedly Asked To Remove Headdress

    Kingston, Ont., Woman, 42, Charged After Being Found Naked In Stranger's Bathtub

    Kingston, Ont., Woman, 42, Charged After Being Found Naked In Stranger's Bathtub
    They say that when the complainant arrived home on Sunday evening, she found the nude woman in the unfilled tub

    Kingston, Ont., Woman, 42, Charged After Being Found Naked In Stranger's Bathtub

    In First Year, Donald Trump Firms Up Ties With India

    In First Year, Donald Trump Firms Up Ties With India
    As an upstart candidate aiming for the highest office in the United States, Donald Trump promised an election rally of Indians that they "will have a true friend in the White House" and "we are going to be best friends" with India.

    In First Year, Donald Trump Firms Up Ties With India

    Vancouver Hoping To Drive Tourism Dollars With Free Public Wi-Fi Expansion

    The City of Vancouver expects its visitor experience and economic success to get a boost after expanding its number of free public Wi-Fi locations from 80 to 550 through a partnership with Shaw Communications Inc.

    Vancouver Hoping To Drive Tourism Dollars With Free Public Wi-Fi Expansion

    Final Phase Of MDMA-Assisted Psychotherapy Trials To Kick Off In Vancouver

    Final Phase Of MDMA-Assisted Psychotherapy Trials To Kick Off In Vancouver
    Ed Thompson remembers the helplessness he felt each of the thousands of times his twin daughters would turn blue and go lifeless in his arms.

    Final Phase Of MDMA-Assisted Psychotherapy Trials To Kick Off In Vancouver

    B.C. School Trustee Vows To Stay Following Controversial LGBTQ Remarks

    B.C. School Trustee Vows To Stay Following Controversial LGBTQ Remarks
    Barry Neufeld says in a statement that he "must" remain on the Chilliwack Board of Education to protect "impressionable children."

    B.C. School Trustee Vows To Stay Following Controversial LGBTQ Remarks