{"id":3254,"date":"2016-09-06T10:10:12","date_gmt":"2016-09-06T17:10:12","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=3254"},"modified":"2016-09-02T14:27:44","modified_gmt":"2016-09-02T21:27:44","slug":"metro-vancouver-home-sales-back-at-historically-normal-levels-but-prices-still-high","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/09\/metro-vancouver-home-sales-back-at-historically-normal-levels-but-prices-still-high\/","title":{"rendered":"Metro Vancouver Home Sales Back at \u201cHistorically Normal\u201d Levels, but Prices Still High"},"content":{"rendered":"

Metro Vancouver repeatedly broke home sales records earlier this year, but moderation has set in over the past two months, returning activity to more \u201chistorically normal\u201d levels.<\/p>\n

In July, home sales fell 26.7% month-over-month and 18.9% year-over-year, and the latest report from the Real Estate Board of Greater Vancouver (REBGV) shows that August brought similar declines. Released September 2nd, the board\u2019s data shows that last month home sales dropped 22.8% from July and 26% from August 2015.<\/p>\n

While many expected home sales to sink last month due to Metro Vancouver\u2019s new foreign buyers tax, which came into effect on August 2nd, REBGV President Dan Morrison has emphasized that he believes it is only partially responsible for the declines seen in August.<\/p>\n

\u201cSales have been trending downward in Metro Vancouver for a few months. The new foreign buyer tax appears to have added to this trend by reducing foreign buyer activity and causing some uncertainty amongst local home buyers and sellers,\u201d he said in a press release, adding, \u201c[i]t\u2019ll take some months before we can really understand the impact of the new tax.\u201d<\/p>\n

\u00a0\u00a0\u00a0\u00a0 \"Metro<\/a><\/p>\n

Home prices in Metro Vancouver have not seen the same moderation as home sales these past two months. In fact, the MLS Home Price Index composite benchmark price for all homes in the area is currently sitting at $933,100 \u2014 that\u2019s an increase of 31.4% year-over-year and a rise of 4.9% in the last three months.<\/p>\n

All home types saw substantial year-over-year benchmark price increases in August, but detached homes recorded the biggest jump at 35.8%; that works out to a benchmark price of $1,577,800. Meanwhile, the benchmark price for an attached home hit $677,600, an increase of 31.1%, and the benchmark price for an apartment was $514,300, a rise of 26.9%.<\/p>\n

Explaining why prices remain high even though sales have dropped, the REBGV notes that demand is still outpacing supply in most Metro Vancouver communities. Indeed, overall the region was still very much a seller\u2019s market in August, with a sales-to-active-listings ratio of 29.3%. Home prices begin to experience upward pressure when the ratio is between 20 and 22 percent.<\/p>\n

Heading into the fall, the REBGV will be on the lookout for the BC government\u2019s next round of data on the foreign buyers tax. The board hasn\u2019t offered a prediction on what the tax\u2019s long-term impact may be, but public opinion is currently fairly mixed \u2014 while some see it sending overseas investors to other markets, others believe they won\u2019t stay away from Metro Vancouver for long.<\/p>\n

Metro Vancouver Home Sales Back at \u201cHistorically Normal\u201d Levels, but Prices Still High<\/a> by Charlotte McLeod ” Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"

Metro Vancouver repeatedly broke home sales records earlier this year, but moderation has set in over the past two months, returning activity to more \u201chistorically normal\u201d levels. In July, home … [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-3254","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"\nMetro Vancouver Home Sales Back at \u201cHistorically Normal\u201d Levels, but Prices Still High • 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\/2016\/09\/metro-vancouver-home-sales-back-at-historically-normal-levels-but-prices-still-high\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Metro Vancouver Home Sales Back at \u201cHistorically Normal\u201d Levels, but Prices Still High • Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Metro Vancouver repeatedly broke home sales records earlier this year, but moderation has set in over the past two months, returning activity to more \u201chistorically normal\u201d levels. 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