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

    Woman Rescued From Toronto Construction Crane Last Year Gets Absolute Discharge

    Woman Rescued From Toronto Construction Crane Last Year Gets Absolute Discharge
    Marisa Lazo, 23, was stranded for hours after climbing a crane at a downtown construction site in the middle of the night in April.

    Woman Rescued From Toronto Construction Crane Last Year Gets Absolute Discharge

    Protest Against Tim Hortons Reaction To New Minimum Wage Planned Across Ontario

    Protest Against Tim Hortons Reaction To New Minimum Wage Planned Across Ontario
    TORONTO — Labour organizations across Ontario are holding rallies today to protest the actions some Tim Hortons franchises have taken in response to an increase in the province's minimum wage.

    Protest Against Tim Hortons Reaction To New Minimum Wage Planned Across Ontario

    Police Dog Easily Tracks Down Steak Thief After New Brunswick Grocery Larceny

    Police Dog Easily Tracks Down Steak Thief After New Brunswick Grocery Larceny
    SAINT JOHN, N.B. — A police dog had an extra edge tracking down an alleged thief on Tuesday: The suspect was carrying stolen steaks.

    Police Dog Easily Tracks Down Steak Thief After New Brunswick Grocery Larceny

    Calgary Man Swept Up And Killed By B.C. Avalanche During Back Country Ski

    Police say the avalanche came down in the Lizard Mountain range on Monday afternoon.

    Calgary Man Swept Up And Killed By B.C. Avalanche During Back Country Ski

    Murder Charge Laid In Death Of Man In Stanley Park Last February

    Murder Charge Laid In Death Of Man In Stanley Park Last February
    A charge of first-degree murder has been laid against a 29-year-old Vancouver man in the stabbing death of a man in Stanley Park last February.

    Murder Charge Laid In Death Of Man In Stanley Park Last February

    Illegal Ride-Hailing Underway In B.C. While Government Reconsiders Laws

    The Passenger Transportation Branch says at least seven app platforms are known to be in use by drivers and consumers in Metro Vancouver.

    Illegal Ride-Hailing Underway In B.C. While Government Reconsiders Laws