{"id":11450,"date":"2019-01-22T10:10:41","date_gmt":"2019-01-22T18:10:41","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=11450"},"modified":"2019-01-15T13:29:25","modified_gmt":"2019-01-15T21:29:25","slug":"mortgage-stress-test-to-blame-for-last-years-25-drop-in-home-sales","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/01\/mortgage-stress-test-to-blame-for-last-years-25-drop-in-home-sales\/","title":{"rendered":"Mortgage Stress Test to Blame for Last Year&#8217;s 25% Drop in Home Sales"},"content":{"rendered":"<p style=\"text-align: justify;\">The BC Real Estate Association (BCREA) says the mortgage stress test introduced by Ottawa one year ago is \u201clargely to blame\u201d for a 24.5% decline in home sales across the province last year.<\/p>\n<p style=\"text-align: justify;\">Data released January 15 reveals the Multiple Listing Service (MLS) recorded 73,345 residential unit sales in 2018 \u2014 down significantly from the 103,758 units sold the previous year.<\/p>\n<p style=\"text-align: justify;\">The new numbers put the province below its 10-year average of 84,800 unit sales.<\/p>\n<p style=\"text-align: justify;\">\u201cThe sharp decline in affordability caused by the B20 mortgage stress test is largely to blame for a decline in consumer demand last year,\u201d BCREA chief economist Cameron Muir said in a statement.<\/p>\n<p style=\"text-align: justify;\">The federal government introduced the stress test in January 2018 as a means to cool white-hot markets in Vancouver and Toronto.<\/p>\n<p style=\"text-align: justify;\">The BC government followed up the next month by raising the 15% foreign buyer tax to 20%, and introducing the tax beyond the original boundaries of Metro Vancouver as a means to address the affordability crisis plaguing many regions on the West Coast.<\/p>\n<p style=\"text-align: justify;\">Meanwhile, data from the BCREA shows that the average residential price in December 2018 came in at $695,647, down 5.2% compared with the same month a year earlier.<\/p>\n<p style=\"text-align: justify;\">The average price for a residential unit in Greater Vancouver hit $1,026,938 in December 2018, down 2.1% compared with December 2017.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/biv.com\/article\/2019\/01\/mortgage-stress-test-blame-last-years-25-drop-home-sales-says-bcrea\">BCREA : Mortgage Stress Test to Blame for Last Year&#8217;s 25% Drop in Home Sales<\/a> by Tyler Orton | Business in Vancouver<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The BC Real Estate Association (BCREA) says the mortgage stress test introduced by Ottawa one year ago is \u201clargely to blame\u201d for a 24.5% decline in home sales across the &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/01\/mortgage-stress-test-to-blame-for-last-years-25-drop-in-home-sales\/\">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-11450","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Mortgage Stress Test to Blame for Last Year&#039;s 25% Drop in Home Sales &#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\/2019\/01\/mortgage-stress-test-to-blame-for-last-years-25-drop-in-home-sales\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Mortgage Stress Test to Blame for Last Year&#039;s 25% Drop in Home Sales &#8226; 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