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

    Mark Bottrill, Coquitlam Teen Bystander, Caught In Shootout Crossfire Remembered As Polite, Friendly

    Mark Bottrill, Coquitlam Teen Bystander, Caught In Shootout Crossfire Remembered As Polite, Friendly
    Vancouver police have said the boy was heading home to Coquitlam with his parents when shots were fired between at least two people and he was struck.

    Mark Bottrill, Coquitlam Teen Bystander, Caught In Shootout Crossfire Remembered As Polite, Friendly

    WestJet Appeals Lost Bid To Scrap Harassment Lawsuit By Former Flight Attendant

    WestJet Appeals Lost Bid To Scrap Harassment Lawsuit By Former Flight Attendant
    The airline argues Justice Mary Humphries was wrong to have dismissed the company's application to strike the legal action, repeating its argument that the dispute belongs before a human rights tribunal and workers' compensation board.

    WestJet Appeals Lost Bid To Scrap Harassment Lawsuit By Former Flight Attendant

    Mining Company Fined $200,000 For Dumping Waste In B.C. River System

    Mining Company Fined $200,000 For Dumping Waste In B.C. River System
    QUESNEL, B.C. — A mining company operating in British Columbia has been fined for violating the Fisheries Act.

    Mining Company Fined $200,000 For Dumping Waste In B.C. River System

    BC Civil Liberties Association Files Complaint Alleging RCMP Told Witnesses To Delete Video Of Arres

    BC Civil Liberties Association Files Complaint Alleging RCMP Told Witnesses To Delete Video Of Arres
    VANCOUVER — A civil rights group has filed a complaint with the Civilian Review and Complaints Commission for the RCMP, alleging officers told witnesses to delete cellphone video of the arrest of a man who later died.

    BC Civil Liberties Association Files Complaint Alleging RCMP Told Witnesses To Delete Video Of Arres

    Overdose Deaths And Medical Responses In Vancouver Reached New Peak Last Year

    VANCOUVER — The number of overdose deaths in Vancouver increased by 43 per cent last year compared with 2016.

    Overdose Deaths And Medical Responses In Vancouver Reached New Peak Last Year

    U.K. ‘Loneliness Minister' Puts Spotlight On Issue Canada Also Needs To Tackle

    U.K. ‘Loneliness Minister' Puts Spotlight On Issue Canada Also Needs To Tackle
    VANCOUVER — The appointment of a minister of loneliness in the United Kingdom to tackle social isolation is an acknowledgment of a problem Canadian experts say needs to be addressed here as well.

    U.K. ‘Loneliness Minister' Puts Spotlight On Issue Canada Also Needs To Tackle