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

    Bank Of Canada Hikes Interest Rate To 1.25%, Cites Strong Economic Data

    Bank Of Canada Hikes Interest Rate To 1.25%, Cites Strong Economic Data
    Recent Data Have Been Strong, Inflation Is Close To Target, And The Economy Is Operating Roughly At Capacity

    Bank Of Canada Hikes Interest Rate To 1.25%, Cites Strong Economic Data

    Body Found In Trunk Of Charred Car Near Trail Considered Suspicious

    Body Found In Trunk Of Charred Car Near Trail Considered Suspicious
    TRAIL, B.C. — RCMP say a body has been found inside the trunk of a burnt out and abandoned car just north of Trail, B.C.

    Body Found In Trunk Of Charred Car Near Trail Considered Suspicious

    Michelle Obama To Hold Second Speaking Event In Vancouver, First Sold Out

    VANCOUVER — Michelle Obama will be doubling up on her speaking engagements in Vancouver next month after tickets to her first keynote address were quickly snapped up.

    Michelle Obama To Hold Second Speaking Event In Vancouver, First Sold Out

    B.C. Premier Rejects Green Call For Foreign Buyers Ban Days Before Asia Visit

    B.C. Premier Rejects Green Call For Foreign Buyers Ban Days Before Asia Visit
    VICTORIA — Premier John Horgan says he has plans to tone down speculation in British Columbia's real estate market but they don't include banning foreign buyers.

    B.C. Premier Rejects Green Call For Foreign Buyers Ban Days Before Asia Visit

    Quebec Raising Minimum Wage To $12 As Of May 1

    Quebec Raising Minimum Wage To $12 As Of May 1
    More than 352,000 workers stand to benefit from the 75-cent increase, the largest hike in Quebec history.

    Quebec Raising Minimum Wage To $12 As Of May 1

    Vancouver Police Officer's Leg Is Broken While Subduing Agitated Man

    Vancouver police say one officer is recovering from a severely broken leg and a second officer has sprained fingers after subduing an agitated man near the city's entertainment district.

    Vancouver Police Officer's Leg Is Broken While Subduing Agitated Man