Close X
Thursday, November 7, 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

    15-Year-Old International Student Struck In Burnaby Dies

    15-Year-Old International Student Struck In Burnaby Dies
    On Wednesday, January 17 at approximately 7:10 a.m., a vehicle travelling northbound on Cariboo Road struck a 15-year-old female pedestrian.

    15-Year-Old International Student Struck In Burnaby Dies

    PICS: PM Justin Trudeau Celebrates Pongal With Indians In Canada

    PICS: PM Justin Trudeau Celebrates Pongal With Indians In Canada
    Canadian Prime Minister Justin Trudeau on Wednesday wished the Tamil community on the occasion of Pongal.

    PICS: PM Justin Trudeau Celebrates Pongal With Indians In Canada

    Newly Engaged Jagmeet Singh Plans To Seek Healthy Public, Private Balance

    Newly Engaged Jagmeet Singh Plans To Seek Healthy Public, Private Balance
    Singh, 38, who took over as New Democrat leader last October, confirmed publicly Tuesday that he's engaged to his partner and fashion designer Gurkiran Kaur.

    Newly Engaged Jagmeet Singh Plans To Seek Healthy Public, Private Balance

    Solitary Confinement Rules Unconstitutional, B.C. Judge

    Solitary Confinement Rules Unconstitutional, B.C. Judge
    VANCOUVER — A British Columbia Supreme Court judge has struck down a law that permits federal prisons to put inmates into solitary confinement indefinitely.

    Solitary Confinement Rules Unconstitutional, B.C. Judge

    Montreal-area City Limits Erotic Businesses In Effort To Fight Sexual Exploitation

    Montreal-area City Limits Erotic Businesses In Effort To Fight Sexual Exploitation
    MONTREAL — Quebec's third-largest city is cracking down on sex-related businesses such as erotic massage parlours and swingers' clubs.

    Montreal-area City Limits Erotic Businesses In Effort To Fight Sexual Exploitation

    U.S. Border Data Fuels Canadian Visa Crackdown, Newly Released Figures Show

    U.S. Border Data Fuels Canadian Visa Crackdown, Newly Released Figures Show
      OTTAWA — A budding cross-border data exchange with the United States is quietly helping Canada crack down on immigration violators.

    U.S. Border Data Fuels Canadian Visa Crackdown, Newly Released Figures Show