{"id":10314,"date":"2018-09-14T10:10:08","date_gmt":"2018-09-14T17:10:08","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=10314"},"modified":"2018-09-06T16:10:25","modified_gmt":"2018-09-06T23:10:25","slug":"prices-for-all-housing-types-in-vancouver-have-fallen-for-the-2nd-month-in-a-row","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/09\/prices-for-all-housing-types-in-vancouver-have-fallen-for-the-2nd-month-in-a-row\/","title":{"rendered":"Prices for All Housing Types in Vancouver Have Fallen for the 2nd Month in A Row"},"content":{"rendered":"

For the second month in a row, prices for all housing types in Vancouver have fallen as home sales remain far below year-ago levels.<\/p>\n

In August, a total of 1,929 homes changed hands across Greater Vancouver, down 36.6% from the same time last year, according to the latest monthly numbers from the Real Estate Board of Greater Vancouver (REBGV).<\/p>\n

With fewer buyers in the market, prices have started taking a hit in all segments now, whereas as recently as June, condo and townhouse prices had remained up slightly from the previous month.<\/p>\n

\u201cHome buyers have been less active in recent months,\u201d notes Phil Moore, REBGV\u2019s president, in a statement.<\/p>\n

The benchmark price of a Greater Vancouver home, including all three main housing types, was $1,083,400. The benchmark has fallen 1.9% since May, according to REBGV.<\/p>\n

And although the benchmark price is 4.1% higher than it was a year ago, BMO senior economist Robert Kavcic points out it has been some time since year-over-year growth was so tame.<\/p>\n

\u201cThat\u2019s the slowest pace since early 2014, and both detached and condo prices appear to be drifting down on a month-over-month basis,\u201d Kavcic writes in a response to the data.<\/p>\n

In fact, the benchmark price of a Greater Vancouver detached home in August was $1,561,000, down 1.5% from July. Meantime, the condo benchmark of $695,500 fell 1.4% compared to the previous month.<\/p>\n

So while Toronto\u2019s market seems to be firming up as it shakes off the effects of new mortgage rules, Vancouver\u2019s market is faced with another headwind, Kavcic suggests.<\/p>\n

\u201cThe picture is quite a bit weaker in Vancouver,\u201d he writes, a trend he says is \u201cthe fallout from more aggressive tax measures continues.\u201d<\/p>\n

Following the tightening of federal lending regulations which included more stringent stress-testing for mortgage applications, BC recently hiked and expanded its foreign-homebuyer tax for Metro Vancouver to 20% in February, up from the 15% levy that was implemented in August 2016.<\/p>\n

Ontario\u2019s foreign-homebuyer tax for Toronto and surrounding areas remains at 15%.<\/p>\n

It’s Not Just Houses – Vancouver Condo Prices Sink for the Second Straight Month<\/a> by Josh Sherman | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"

For the second month in a row, prices for all housing types in Vancouver have fallen as home sales remain far below year-ago levels. In August, a total of 1,929 … [read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-10314","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"\nPrices for All Housing Types in Vancouver Have Fallen for the 2nd Month in A Row • Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2018\/09\/prices-for-all-housing-types-in-vancouver-have-fallen-for-the-2nd-month-in-a-row\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Prices for All Housing Types in Vancouver Have Fallen for the 2nd Month in A Row • Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"For the second month in a row, prices for all housing types in Vancouver have fallen as home sales remain far below year-ago levels. 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