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

    Public Funeral For Sisters Chloe And Aubrey Berry, Found Dead On Christmas Day

    Public Funeral For Sisters Chloe And Aubrey Berry, Found Dead On Christmas Day
    The District of Oak Bay held a candlelight vigil days after the deaths to allow distressed area residents to gather and share their grief.

    Public Funeral For Sisters Chloe And Aubrey Berry, Found Dead On Christmas Day

    B.C. Man Accused Of Threatening Woman With A Gun Appears In Court

    B.C. Man Accused Of Threatening Woman With A Gun Appears In Court
    Curtis Sagmoen is facing seven charges including pointing a firearm, uttering threats and disguising his face with the intent to commit an offence over allegations that date back to an August incident in the North Okanagan.

    B.C. Man Accused Of Threatening Woman With A Gun Appears In Court

    B.C.'s 2017 Home Sales Below 2016 Record, But Far Above Average Says BCREA

    B.C.'s 2017 Home Sales Below 2016 Record, But Far Above Average Says BCREA
    VANCOUVER — The British Columbia Real Estate Association says fewer homes were sold across the province in 2017 compared with the year earlier, but it says prices were up and sales remained above 100,000 for the third straight year. 

    B.C.'s 2017 Home Sales Below 2016 Record, But Far Above Average Says BCREA

    Metro Vancouver Transit Police Looking For Suspect Who Allegedly Threatened Passenger With Scissors

    Metro Vancouver Transit Police Looking For Suspect Who Allegedly Threatened Passenger With Scissors
    Metro Vancouver Transit Police are asking for the public’s help in identifying a man who allegedly threatened a SkyTrain passenger with a pair of scissors.

    Metro Vancouver Transit Police Looking For Suspect Who Allegedly Threatened Passenger With Scissors

    Richmond RCMP Looking For Witnesses To Pedestrian Accident

    Richmond RCMP Looking For Witnesses To Pedestrian Accident
    The driver, a 53 year old male from Richmond, remained on scene and is cooperating with police.

    Richmond RCMP Looking For Witnesses To Pedestrian Accident

    Elderly Man Assaulted Outside Vancouver Costco Dies Of His Injuries

    Elderly Man Assaulted Outside Vancouver Costco Dies Of His Injuries
    An 86-year-old Vancouver man has died as the result of an assault on December 20, that happened just outside of the Costco in downtown Vancouver.

    Elderly Man Assaulted Outside Vancouver Costco Dies Of His Injuries