Close X
Wednesday, November 27, 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

    Sears Canada Closes Its Final Stores After Months-Long Liquidation

    The longtime staple of Canada's retail landscape declared bankruptcy last year and announced in the fall that it would liquidate its remaining stores, leaving 15,000 people out of work.

    Sears Canada Closes Its Final Stores After Months-Long Liquidation

    Ontario Man Ran Site That Peddled Billions Of Pieces Of Personal Data: RCMP

    Ontario Man Ran Site That Peddled Billions Of Pieces Of Personal Data: RCMP
    An Ontario man who allegedly peddled information from an online database containing 1.5 billion usernames and passwords faces several criminal charges.

    Ontario Man Ran Site That Peddled Billions Of Pieces Of Personal Data: RCMP

    Former Hostage Joshua Boyle Awaits Bail Hearing

    Former Hostage Joshua Boyle Awaits Bail Hearing
    OTTAWA — A bail hearing for former Afghanistan hostage Joshua Boyle could be weeks away after a brief court appearance by video link today relating to assault charges.

    Former Hostage Joshua Boyle Awaits Bail Hearing

    Chronic Pain Patients Need Services Beyond Just Opioids: B.C. Advocate

    Chronic Pain Patients Need Services Beyond Just Opioids: B.C. Advocate
    People who live with chronic pain need options beyond prescription opioids, and it's up to the British Columbia government to provide more services such as physiotherapy, says the head of a group that supports patients and their families.

    Chronic Pain Patients Need Services Beyond Just Opioids: B.C. Advocate

    Crown Wants Convictions For B.C. Pair Earlier Accused Of Terror-Related Crimes

    Crown Wants Convictions For B.C. Pair Earlier Accused Of Terror-Related Crimes
    VANCOUVER — A British Columbia judge was wrong to throw out findings of guilt against a pair of accused terrorist sympathizers who planted what they thought were pressure-cooker bombs on the lawn of the provincial legislature, the Crown says.

    Crown Wants Convictions For B.C. Pair Earlier Accused Of Terror-Related Crimes

    Price Of Average Canadian Home Rose To $496,500 In December, Up 5.7% In 2017

    Price Of Average Canadian Home Rose To $496,500 In December, Up 5.7% In 2017
    Prices Cooling Off, But Pace Of Sales Is Increasing, Canadian Real Estate Association Says

    Price Of Average Canadian Home Rose To $496,500 In December, Up 5.7% In 2017