Close X
Tuesday, November 5, 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

    PM Trudeau Says Official's Theory That Indian Factions Sabotaged Trip Is 'TRUE'

    PM Trudeau Says Official's Theory That Indian Factions Sabotaged Trip Is 'TRUE'
     Justin Trudeau is standing by a senior government official who suggested factions within the Indian government were involved in sabotaging the prime minister's visit to India last week.

    PM Trudeau Says Official's Theory That Indian Factions Sabotaged Trip Is 'TRUE'

    Liberals Plan To Boost Immigration To Be Matched By Cash In Federal Budget

    Liberals Plan To Boost Immigration To Be Matched By Cash In Federal Budget
    OTTAWA — Tuesday's federal budget is expected to detail how the Liberal government will financially manage their planned increase in immigration to Canada over the next three years.

    Liberals Plan To Boost Immigration To Be Matched By Cash In Federal Budget

    Andrew Scheer Says Tories Will Recognize Jerusalem As Israel's Capital If Elected

    Andrew Scheer Says Tories Will Recognize Jerusalem As Israel's Capital If Elected
    OTTAWA — Conservative Leader Andrew Scheer says if his party forms government in 2019, it will follow Donald Trump's lead and recognize Jerusalem as the capital of Israel.

    Andrew Scheer Says Tories Will Recognize Jerusalem As Israel's Capital If Elected

    Jaspal Atwal Says He Bowed Out Of Event In India To Save Justin Trudeau Embarrassment

    Jaspal Atwal Says He Bowed Out Of Event In India To Save Justin Trudeau Embarrassment
    Atwal was interviewed on Saturday by the The Canadian Press at his home in Surrey, B.C., following Trudeau's, at times, turbulent trip to India

    Jaspal Atwal Says He Bowed Out Of Event In India To Save Justin Trudeau Embarrassment

    B.C. Police Watchdog Investigating Death Involving Stun Gun In Chilliwack

    CHILLIWACK, B.C. — British Columbia's police watchdog is investigating the death of a man who was hit with a stun gun in Chilliwack.

    B.C. Police Watchdog Investigating Death Involving Stun Gun In Chilliwack

    B.C. Girl Hopes DNA Drive Will Help Her Find Birth Parents In China

    B.C. Girl Hopes DNA Drive Will Help Her Find Birth Parents In China
    "Her name is Yaya and she's the closest relative I've found. She's really tall, she's older than me. I think she likes Minecraft," Smit said.

    B.C. Girl Hopes DNA Drive Will Help Her Find Birth Parents In China