{"id":10759,"date":"2018-11-08T11:11:45","date_gmt":"2018-11-08T19:11:45","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=10759"},"modified":"2018-11-01T08:25:00","modified_gmt":"2018-11-01T15:25:00","slug":"vancouver-home-prices-remain-out-of-reach-for-new-buyers-despite-slower-market","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/11\/vancouver-home-prices-remain-out-of-reach-for-new-buyers-despite-slower-market\/","title":{"rendered":"Vancouver Home Prices Remain Out of Reach for New Buyers Despite Slower Market"},"content":{"rendered":"<p style=\"text-align: justify;\">VANCOUVER\u2014Home buyers looking to get into the market still face an average price of $1.27 million across Metro Vancouver despite slowing sales, according to a new housing survey.<\/p>\n<p style=\"text-align: justify;\">Compared to three years ago, home price appreciation has slowed from a spike of roughly 20% three years ago, said Randy Ryalls, general manager of Royal LePage Sterling Realty in Port Moody. But prices are projected to climb at the rate of 1.5% over the next three months.<\/p>\n<p style=\"text-align: justify;\">One of regions where prices are \u201csoaring\u201d is Langley \u2014 a market that\u2019s been attractive for potential buyers because of its relatively cheaper prices compared to Vancouver. However, the survey found that median prices have jumped 16.1% year-over-year to $990,000. Survey findings stated that \u201cunlike the rest of the metropolitan region, two-storey home values surged within the city, rising 16.2% to $1,090,000.\u201d<\/p>\n<p style=\"text-align: justify;\">Ryalls said \u201coutlying regions\u201d like Langley are becoming unaffordable. \u201cAs prices continue to rise, people will have to go further east to find their price point and so now maybe, for the $700,000 buyer, maybe they\u2019re looking at Abbotsford now.\u201d<\/p>\n<p style=\"text-align: justify;\">Eventually, he added the drop in sales of roughly 43% will lead to a price correction of five to 10% in single-family homes, but not for condominiums where demand is still \u201chigh.\u201d<\/p>\n<p style=\"text-align: justify;\">\u201cWhen you take that much volume out of the marketplace, sooner or later it\u2019s going to have an effect. It might not be showing up here statistically so much, but eventually you\u2019re going to see that price correction happen across the market.\u201d<\/p>\n<p style=\"text-align: justify;\">Using an average of median values of housing types including condominiums, townhouses, two storey detached homes and one-story bungalow homes, prices in Metro Vancouver rose 3.9% in the third quarter of 2018 compared to the same period last year to $1.27 million, stated the Canadian real estate firm Royal LePage.<\/p>\n<p style=\"text-align: justify;\">The survey is based on quarterly results from the Royal LePage National House Price Composite through the use of company data and data from its sister company RPS Real Property Solutions, which provides real estate analytics in Canada.<\/p>\n<p style=\"text-align: justify;\">In August, the BC Real Estate Association said the slowdown in sales was due to tougher new mortgage rules imposed by the federal government that came into effect this January. The new rules mean that even buyers who have a 20% down payment must also meet an additional test to ensure they can afford their mortgage if interest rates rise.<\/p>\n<p><a href=\"https:\/\/www.thestar.com\/vancouver\/2018\/10\/16\/study-shows-vancouver-home-prices-remain-out-of-reach-for-new-buyers-despite-slower-market.html?\" target=\"_blank\" rel=\"noopener\">Study Shows Vancouver Home Prices Remain Out of Reach for New Buyers Despite Slower Market<\/a> by Jenny Peng | The Star Metro Vancouver<\/p>\n","protected":false},"excerpt":{"rendered":"<p>VANCOUVER\u2014Home buyers looking to get into the market still face an average price of $1.27 million across Metro Vancouver despite slowing sales, according to a new housing survey. Compared to &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/11\/vancouver-home-prices-remain-out-of-reach-for-new-buyers-despite-slower-market\/\">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-10759","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Vancouver Home Prices Remain Out of Reach for New Buyers Despite Slower Market &#8226; 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\/11\/vancouver-home-prices-remain-out-of-reach-for-new-buyers-despite-slower-market\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Vancouver Home Prices Remain Out of Reach for New Buyers Despite Slower Market &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"VANCOUVER\u2014Home buyers looking to get into the market still face an average price of $1.27 million across Metro Vancouver despite slowing sales, according to a new housing survey. 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