{"id":3675,"date":"2016-10-17T10:10:54","date_gmt":"2016-10-17T17:10:54","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=3675"},"modified":"2016-10-13T09:56:20","modified_gmt":"2016-10-13T16:56:20","slug":"vancouver-home-prices-may-have-seen-their-final-hurrah","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/10\/vancouver-home-prices-may-have-seen-their-final-hurrah\/","title":{"rendered":"Vancouver Home Prices May Have seen Their &#8220;Final Hurrah&#8221;"},"content":{"rendered":"<p style=\"text-align: justify;\">TORONTO \u2014 Royal LePage CEO Phil Soper says house prices in Greater Vancouver grew 30.6% year-over-year in the third quarter of the year, marking what may have been the real estate market\u2019s \u201cfinal hurrah.\u201d<\/p>\n<p style=\"text-align: justify;\">The real estate agency says the average house price in the region soared to $1.19 million in the three-month period that ended Sept. 30, up from $914,705 during the same quarter last year.<\/p>\n<p style=\"text-align: justify;\">The average price of a home in Greater Toronto rose to $693,154 over the third quarter, up 13.6% compared to last year, when the average home price was $610,308.<\/p>\n<p style=\"text-align: justify;\">In Edmonton, where the decline in oil prices has hurt the real estate market, the average cost of a home was down 3.1 per cent to $374,712 from $386,829 a year ago.<\/p>\n<p style=\"text-align: justify;\">Royal LePage says its national house price composite \u2014 a figure based on 53 of the country\u2019s largest real estate markets \u2014 showed that the average price of a home climbed 12% from a year ago to $545,414 in the third quarter.<\/p>\n<p style=\"text-align: justify;\">Soper says he expects that price growth in Vancouver will slow or even reverse in the months ahead as the effects of recent federal and provincial government rule changes begin to be felt.<\/p>\n<p style=\"text-align: justify;\">In August, the BC government introduced a 15% tax on foreigners purchasing homes in Vancouver.<\/p>\n<p style=\"text-align: justify;\">Home sales in the city have been falling since then \u2014 with recently released figures indicating a 32.6% drop in September compared to the same month last year \u2014 but prices have continued to rise.<\/p>\n<p style=\"text-align: justify;\">\u201cIt often takes about six months \u2026 for prices to catch up with a change in demand, either on the upside or the downside,\u201d says Soper.<\/p>\n<p style=\"text-align: justify;\">However, he adds that the trend of declining home sales started long before the introduction of the foreign buyer tax. Many would-be buyers have simply moved to the sidelines as prices have spiralled out of their reach, he says.<\/p>\n<p style=\"text-align: justify;\">Soper says the new tax can\u2019t be blamed as the sole cause if home prices begin to drop in the coming quarters \u2014 but it certainly may be the catalyst.<\/p>\n<p style=\"text-align: justify;\">\u201cYou take a lineman in professional football \u2014 a great, big human being \u2014 and they\u2019re sort of teetering on their heels,\u201d he says.<\/p>\n<p style=\"text-align: justify;\">\u201cA child comes along and pushes them on their chest and they topple over. The tax impacted a very small group of people in a very narrow geographic and house price range in one city, yet it came at a time when the market was already cooling. It represents that push in the chest to something that was already ready to change.\u201d<\/p>\n<p style=\"text-align: justify;\">As for new mortgage rules introduced by Ottawa earlier this month, Soper says fears associated with those changes have been exaggerated.<\/p>\n<p style=\"text-align: justify;\">He predicts that prices in Ontario and many other parts of the country will continue to rise, in spite of new measures including a requirement that lenders apply stress tests to all mortgage borrowers.<\/p>\n<p style=\"text-align: justify;\">\u201cThere will be some transactions taken out of play with the new regulations,\u201d says Soper. \u201cIt\u2019s just a mathematical certainty. But I don\u2019t think it will be enough to reverse the positive trend that we see across the country.\u201d<\/p>\n<p><a href=\"http:\/\/business.financialpost.com\/personal-finance\/mortgages-real-estate\/vancouver-home-prices-may-have-seen-final-hurrah-royal-lepage-says\" target=\"_blank\">Vancouver Home Prices May Have seen Their &#8220;Final Hurrah&#8221;<\/a> by Alexandra Posadzki | The Canadian Press<\/p>\n","protected":false},"excerpt":{"rendered":"<p>TORONTO \u2014 Royal LePage CEO Phil Soper says house prices in Greater Vancouver grew 30.6% year-over-year in the third quarter of the year, marking what may have been the real &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/10\/vancouver-home-prices-may-have-seen-their-final-hurrah\/\">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-3675","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 Prices May Have seen Their &quot;Final Hurrah&quot; 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