Close X
Saturday, November 30, 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

    Southern Vancouver Island's First Baby Of 2018 Born On Laundry Room Floor

    Southern Vancouver Island's First Baby Of 2018 Born On Laundry Room Floor
    The first baby born on southern Vancouver Island in 2018 made a dramatic entrance Monday, delivered on the floor of the family's laundry room with her father's help and coaching from a 911 dispatcher.

    Southern Vancouver Island's First Baby Of 2018 Born On Laundry Room Floor

    Young Political Staffers Most Vulnerable To Sex Harassment On The Hill, Says Elizabeth May

    May is making the observation following a new Canadian Press survey of female MPs that suggests the problem is as prevalent in the corridors of power in Ottawa as it is everywhere else.

    Young Political Staffers Most Vulnerable To Sex Harassment On The Hill, Says Elizabeth May

    Wrongfully Imprisoned B.C. Man Denies Allegations Of Assault In Civil Lawsuit

    VANCOUVER — A British Columbia man awarded millions for wrongful imprisonment is now defending himself in a civil lawsuit, again denying he sexually assaulted five women.

    Wrongfully Imprisoned B.C. Man Denies Allegations Of Assault In Civil Lawsuit

    Ex-Hostage Joshua Boyle Facing 15 Charges, Case Adjourned Until Monday

    Ex-Hostage Joshua Boyle Facing 15 Charges, Case Adjourned Until Monday
    OTTAWA — Former Canadian hostage Joshua Boyle made a brief video appearance in an Ottawa courtroom today after being charged with 15 offences, including sexual assault, following his release from captivity in Afghanistan.

    Ex-Hostage Joshua Boyle Facing 15 Charges, Case Adjourned Until Monday

    Snowmobilers Rescue Moose Buried Neck-deep In Snow In Western Newfoundland

    Snowmobilers Rescue Moose Buried Neck-deep In Snow In Western Newfoundland
      DEER LAKE, N.L. — A group of snowmobilers pulled out their shovels to free a stuck moose after spotting its head poking out of freshly fallen snow in western Newfoundland.

    Snowmobilers Rescue Moose Buried Neck-deep In Snow In Western Newfoundland

    Cutting-Edge Design School, Named For Lululemon Exec Chip Wilson, Opens In B.C.

    Cutting-Edge Design School, Named For Lululemon Exec Chip Wilson, Opens In B.C.
    A state-of-the-art design school named after the founder of active wear giant Lululemon is the latest addition to Kwantlen Polytechnic University's campus in Richmond, B.C.

    Cutting-Edge Design School, Named For Lululemon Exec Chip Wilson, Opens In B.C.