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

    Feds Expand Automatic Sign-up For Old Age Benefits To Include Income Supplement

    Feds Expand Automatic Sign-up For Old Age Benefits To Include Income Supplement
    Low-income seniors will no longer have to apply for an income top-up under a newly launched program to automatically sign them up for the benefit payments.

    Feds Expand Automatic Sign-up For Old Age Benefits To Include Income Supplement

    Leaders Must Tell Men In Their Parties Sexual Misconduct Has To Stop: Rona Ambrose

    Leaders Must Tell Men In Their Parties Sexual Misconduct Has To Stop: Rona Ambrose
    OTTAWA — Federal political party leaders must relay a message — particularly to men — that sexual misconduct will not be tolerated, says former interim Conservative leader Rona Ambrose.

    Leaders Must Tell Men In Their Parties Sexual Misconduct Has To Stop: Rona Ambrose

    Message In A Bottle: Romantic N.S. Mystery No Longer Romantic Or Mysterious

    Message In A Bottle: Romantic N.S. Mystery No Longer Romantic Or Mysterious
    A wedding-day "message in a bottle" mystery has been solved — but it's not the happy ending many would have hoped.

    Message In A Bottle: Romantic N.S. Mystery No Longer Romantic Or Mysterious

    RCMP Say Manitoba Prison Inmate Died After Injuries He Suffered During Fight

    RCMP Say Manitoba Prison Inmate Died After Injuries He Suffered During Fight
    STONY MOUNTAIN, Man. — RCMP are investigating a homicide at a federal prison in Manitoba that killed an inmate who was serving a life sentence for beating a woman to death.

    RCMP Say Manitoba Prison Inmate Died After Injuries He Suffered During Fight

    UofT Prof's 2008 'Fire And Fury' Book A Bestseller Thanks To Donald Trump

    UofT Prof's 2008 'Fire And Fury' Book A Bestseller Thanks To Donald Trump
    A Canadian professor's 10-year-old book is back on the bestseller list and he has Donald Trump to thank for it.

    UofT Prof's 2008 'Fire And Fury' Book A Bestseller Thanks To Donald Trump

    Tim Hortons Regulars Launch #NoTimmiesTuesday Over Minimum Wage Response

    Tim Hortons Regulars Launch #NoTimmiesTuesday Over Minimum Wage Response
    Niki Lundquist loves the Earl Grey tea at Tim Hortons so much it's become a running joke in her Toronto office. "No one has ever seen me without a Tim Hortons cup in my hand," said the in-house trade union counsel.

    Tim Hortons Regulars Launch #NoTimmiesTuesday Over Minimum Wage Response