{"id":12539,"date":"2019-05-21T10:10:28","date_gmt":"2019-05-21T17:10:28","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=12539"},"modified":"2019-05-08T10:58:19","modified_gmt":"2019-05-08T17:58:19","slug":"vancouver-sales-volume-falls-due-to-weaken-demand","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/05\/vancouver-sales-volume-falls-due-to-weaken-demand\/","title":{"rendered":"Vancouver Sales Volume Falls Due to Weaken Demand"},"content":{"rendered":"<p style=\"text-align: justify;\">Weak demand continues to pull down the Vancouver housing market\u2019s sales volume, according to new figures from the Real Estate Board of Greater Vancouver (REBGV).<\/p>\n<p style=\"text-align: justify;\">Overall transactions declined by 29.1% annually in April, down to 1,829 sales. This is despite a gain of 5.9% from the 1,727 deals in March.<\/p>\n<p style=\"text-align: justify;\">The region\u2019s inventory saw the addition of 5,742 new for-sale listings last month, up by 16% from the 4,949 new listings in March.<\/p>\n<p style=\"text-align: justify;\">Overall supply in Greater Vancouver was 14,357 homes for sale, around 46% greater than the supply seen on April 2018.<\/p>\n<p style=\"text-align: justify;\">\u201cThere are more homes for sale in our market today than we\u2019ve seen since October 2014,\u201d REBGV president Ashley Smith said, as quoted by BNN Bloomberg. \u201cThis trend is more about reduced demand than increased supply.\u201d<\/p>\n<p style=\"text-align: justify;\">The REBGV pointed at B-20, especially the mandated stress testing, as the main factor behind the region\u2019s feeble activity.<\/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 noted.<\/p>\n<p style=\"text-align: justify;\">\u201cThe federal government\u2019s mortgage stress test has reduced buyers\u2019 purchasing power by about 20%, which is causing people at the entry-level side of the market to struggle to secure financing.\u201d<\/p>\n<p style=\"text-align: justify;\">In its recent report, Zoocasa found that an income of at least $205,475 is needed to buy a Vancouver home at the benchmark price ($1,441,000), assuming a 20% down payment at a 3.75% mortgage rate on a 30-year term.<\/p>\n<p style=\"text-align: justify;\">Condos have joined the price growth trend, as well. An income of at least $93,527 is required to purchase a benchmark unit ($656,900).<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.canadianrealestatemagazine.ca\/news\/vancouver-sales-volume-falls-due-to-slackened-demand-257158.aspx\" target=\"_blank\" rel=\"noopener noreferrer\">Vancouver Sales Volume Falls Due to Slackened Demand<\/a> by Ephraim Vecina | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Weak demand continues to pull down the Vancouver housing market\u2019s sales volume, according to new figures from the Real Estate Board of Greater Vancouver (REBGV). Overall transactions declined by 29.1% &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/05\/vancouver-sales-volume-falls-due-to-weaken-demand\/\">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-12539","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 Sales Volume Falls Due to Weaken Demand &#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-sales-volume-falls-due-to-weaken-demand\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Vancouver Sales Volume Falls Due to Weaken Demand &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Weak demand continues to pull down the Vancouver housing market\u2019s sales volume, according to new figures from the Real Estate Board of Greater Vancouver (REBGV). 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