{"id":11918,"date":"2019-03-19T10:10:52","date_gmt":"2019-03-19T17:10:52","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=11918"},"modified":"2019-03-08T07:52:19","modified_gmt":"2019-03-08T15:52:19","slug":"vancouver-prices-sales-supply-all-decelerate","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/03\/vancouver-prices-sales-supply-all-decelerate\/","title":{"rendered":"Vancouver Prices, Sales &#038; Supply All Decelerate"},"content":{"rendered":"<p style=\"text-align: justify;\">The Vancouver residential market\u2019s prices, sales, and supply all suffered notable annual declines in February, according to the latest numbers from the Real Estate Board of Greater Vancouver.<\/p>\n<p style=\"text-align: justify;\">Benchmark prices across all housing types decreased by 6.1% year-over-year in February, down to $1,016,600.<\/p>\n<p style=\"text-align: justify;\">Single-detached properties experienced the greatest fall at 9.7%, reaching an average of $1,443,100. Condominium prices had a more modest 4% drop to $660,300, and townhomes by 3.3% to end up at $789,300.<\/p>\n<p style=\"text-align: justify;\">Housing sales volume had a massive 32.8% annual shrinkage last month, settling down at levels 42.5% lower than the 10-year sales average for February, BNN Bloomberg reported.<\/p>\n<p style=\"text-align: justify;\">Detached homes had 28% fewer sales in February compared to the same time last year, while apartment activity slowed down by almost 36% during that time frame. Meanwhile, the townhome sector had a nearly 31% decrease.<\/p>\n<p style=\"text-align: justify;\">The number of new homes that entered the market fell by 7.8% year-over-year, with the sales-to-active listings ratio ending up at 12.8%.<\/p>\n<p style=\"text-align: justify;\">The Conference Board of Canada warned in its recent market outlook that the Vancouver housing sector\u2019s sluggishness will be a major factor in the province\u2019s economy, although fortunately not to the pint of recession.<\/p>\n<p style=\"text-align: justify;\">BC\u2019s real GDP growth is predicted to contract from 2.6% in 2018 to 2.5% this year, and further down to 2.4% in 2020 \u201cdespite ongoing megaprojects in the energy sector.\u201d<\/p>\n<p style=\"text-align: justify;\">These figures are markedly lower than the 3.2% growth average that BC enjoyed from 2014 to 2017 \u2013 a boom period that stemmed from sustained high demand for real estate.<\/p>\n<p style=\"text-align: justify;\">This hunger significantly dialled down after the introduction of much stricter mortgage qualification rules at the beginning of 2018, the Board stated.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.canadianrealestatemagazine.ca\/news\/vancouver-prices-sales-and-supply-all-decelerate-255238.aspx\" target=\"_blank\" rel=\"noopener noreferrer\">Vancouver Prices, Sales &amp; Supply All Decelerate<\/a> by Ephraim Vecina | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Vancouver residential market\u2019s prices, sales, and supply all suffered notable annual declines in February, according to the latest numbers from the Real Estate Board of Greater Vancouver. Benchmark prices &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/03\/vancouver-prices-sales-supply-all-decelerate\/\">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-11918","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>Vancouver Prices, Sales &amp; Supply All Decelerate &#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\/03\/vancouver-prices-sales-supply-all-decelerate\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Vancouver Prices, Sales &amp; Supply All Decelerate &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"The Vancouver residential market\u2019s prices, sales, and supply all suffered notable annual declines in February, according to the latest numbers from the Real Estate Board of Greater Vancouver. 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