{"id":12498,"date":"2019-05-06T08:33:31","date_gmt":"2019-05-06T15:33:31","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=12498"},"modified":"2019-05-02T13:18:19","modified_gmt":"2019-05-02T20:18:19","slug":"vancouver-home-sales-prices-took-another-big-hit-in-april","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/05\/vancouver-home-sales-prices-took-another-big-hit-in-april\/","title":{"rendered":"Vancouver Home Sales &#038; Prices Took Another Big Hit in April"},"content":{"rendered":"<p style=\"text-align: justify;\">The mortgage stress test isn\u2019t just holding back Canadian home price growth and sales \u2014 it\u2019s leading to declines in Canada\u2019s most expensive market.<\/p>\n<p style=\"text-align: justify;\">Plummeting sales and home prices across Greater Vancouver in April were the lingering result of the federal government policy introduced more than a year ago, the local real estate board says as it releases last month\u2019s market data.<\/p>\n<p style=\"text-align: justify;\">\u201cGovernment policy continues to hinder home sales activity. The federal government\u2019s mortgage stress test reduced buyers\u2019 purchasing power by about 20 per cent, which is causing people at the entry-level side of the market to struggle to secure financing,\u201d says Ashley Smith, REBGV\u2019s president, in a statement.<\/p>\n<p style=\"text-align: justify;\">A total of 1,829 homes changed hands in the region last month, down 29.1 percent from a year ago. Meantime, the benchmark price for all homes was $1,008,400, a decrease of 8.5 percent from April 2018.<\/p>\n<p style=\"text-align: justify;\">April marked the 16th month since federal policymakers expanded stress testing \u2014 a common part of the insured mortgage application process \u2014 to the uninsured segment.<\/p>\n<p style=\"text-align: justify;\">The change means that even with a downpayment of 20 percent, the bare minimum required to avoid insuring a mortgage, an applicant still needs to qualify for their loan at a rate that is 200 basis points above their contract rate. If a bank if offering 3.5 percent, the applicant must prove they can keep up with monthly payments at 5.5 percent.<\/p>\n<p style=\"text-align: justify;\">In April, detached home prices were hardest hit, falling 11.1 percent on a year-over-year basis to a benchmark of $1,425,200. Condo apartment prices fell 6.9 percent over the same period to $656,900.<\/p>\n<p style=\"text-align: justify;\">Activity in both segments was slower but in this respect condos were hardest hit. Condo sales totalled 885, 32.3 percent down compared to a year ago, while detached transactions numbered 807, falling 27.4 percent annually.<\/p>\n<p style=\"text-align: justify;\">\u201cSuppressing housing activity through government policy not only reduces home sales, it harms the job market, economic growth and creates pent-up demand,\u201d Smith continues.<\/p>\n<p style=\"text-align: justify;\">With some would-be homebuyers unable to qualify for a loan from a big bank or credit union, there has been increased interest in the non-traditional loan marketplace, which is not subject to federal regulations like the stress test. Other homebuyer aspirants have simply delayed purchases.<\/p>\n<p style=\"text-align: justify;\">Partly as a result of the latter, at the end of April, there were 14,357 Vancouver homes on the market, versus 9,822 listings at the same time last year, representing an increase of 46.2 percent.<\/p>\n<p style=\"text-align: justify;\">\u201cThere are more homes for sale in our market today than we\u2019ve seen since October 2014. This trend is more about reduced demand than increased supply,\u201d says Smith.<\/p>\n<p style=\"text-align: justify;\">\u201cThe number of new listings coming on the market each month are consistent with our long-term averages. It\u2019s the reduced sales activity that\u2019s allowing listings to accumulate,\u201d she continues.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.livabl.com\/2019\/05\/vancouver-home-sales-prices-big-hit.html\" target=\"_blank\" rel=\"noopener noreferrer\">Vancouver Home Sales &amp; Prices Took Another Big Hit Last Month<\/a> by Josh Sherman | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The mortgage stress test isn\u2019t just holding back Canadian home price growth and sales \u2014 it\u2019s leading to declines in Canada\u2019s most expensive market. Plummeting sales and home prices across &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/05\/vancouver-home-sales-prices-took-another-big-hit-in-april\/\">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-12498","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 Home Sales &amp; Prices Took Another Big Hit in April &#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\/05\/vancouver-home-sales-prices-took-another-big-hit-in-april\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Vancouver Home Sales &amp; Prices Took Another Big Hit in April &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"The mortgage stress test isn\u2019t just holding back Canadian home price growth and sales \u2014 it\u2019s leading to declines in Canada\u2019s most expensive market. 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