Home sales in Vancouver fall 9% in February

Real Estate Board of Greater Vancouver blames rising interest rates, stricter mortgage requirements

A real estate sold sign is shown outside a house in Vancouver. (Jonathan Hayward/The Canadian)

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.

The Canadian Press

Just Posted

VIDEO: Langley environmentists enhance native pollinator habitat

Langley Environmental Partners Society begins a pollinator pathway along BC Hydro right of way.

VIDEO: Langley hockey tournament remembers young fan

Hundreds take part in annual Jordan Owens memorial

Giants earn road victory in first playoff game

A Langley-based WHL hockey team pulls out a 2-1 defeat over Victoria Friday, plays again Saturday.

Marathon day of golf earns Langley junior golfer a title

Andy Kim won the Humber College PGM Championship.

VIDEO: Fire shuts down 232 Street in Langley

Traffic being re-routed following Langley structure fire

Vancouver Aquarium’s resident octopus released into ocean

Staff let the Giant Pacific octopus go into the waters near Bowen Island so she can reproduce

B.C. umpire has developed thick skin after 30 years listening to insults

Scott McLaren pays no mind to comments from the cheap seats

Musicians Sarah Harmer, Grimes join B.C. anti-pipeline protests

Musicians are in Vancouver for the Juno Awards on Sunday night

Gas prices likely driving Canadians to US pumps

Customs say cost of fuel, nice weather, spring break are contributing factors of uptick of traffic

Canadian cities hold March for our Lives events in wake of Florida shooting

Hundreds of people support the massive March for Our Lives event in Washington, D.C.

Health officials called after acid spill near B.C.-Alberta border leaks into creek

Tanker truck crashed south of Dawson Creek, spilling 17,000 litres of hydrochloric acid

Embattled band Hedley plays last show in B.C. before hiatus

About 3,000 tickets had sold for final performance at Kelowna’s Prospera Place

Trudeau to exonerate B.C. First Nations chiefs hanged in 1860s

Prime Minister to absolve Tsilhqot’in chiefs in relation to deaths of 14 construction workers

Canucks sing the Blues as they fall to St. Louis 4-1

Berglund nets two, including the game-winner, to lift St. Louis over Vancouver

Most Read