{"id":4019,"date":"2016-11-17T11:11:04","date_gmt":"2016-11-17T19:11:04","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=4019"},"modified":"2016-11-17T12:03:24","modified_gmt":"2016-11-17T20:03:24","slug":"bcs-october-home-price-drop-the-result-of-fewer-sales-in-metro-vancouver","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/11\/bcs-october-home-price-drop-the-result-of-fewer-sales-in-metro-vancouver\/","title":{"rendered":"BC\u2019s October Home Price Drop the Result of Fewer Sales in Metro Vancouver"},"content":{"rendered":"<p style=\"text-align: justify;\">BC home sales and prices both saw year-over-year declines in October, the latest data from the BC Real Estate Association (BCREA) shows. Sales dropped 16.7%, with just 7,272 homes changing hands, while the average home price fell 9.1% to come in at $606,787.<\/p>\n<p style=\"text-align: justify;\">According to Cameron Muir, the BCREA\u2019s chief economist, the fall in sales was the result of mixed housing demand across the province, while the drop in prices was largely caused by lower home sales in Metro Vancouver. \u201cThe decline in the average residential price reflects a smaller proportion of transactions in the province originating in Vancouver,\u201d he explains in a November 15th press release.<\/p>\n<p style=\"text-align: justify;\">Metro Vancouver home sales have indeed been trending downward lately. Large year-over-year declines have been recorded since July, and October was no different \u2014 the most recent numbers from the Real Estate Board of Greater Vancouver (REBGV) indicate that last month home sales in the region fell 38.8% year-over-year. Sales were also 15% below the 10-year sales average for the month.<\/p>\n<p style=\"text-align: justify;\">There are a number of reasons home sales have been falling in Metro Vancouver, but the area\u2019s new foreign-buyer tax is key. Put in place at the beginning of August, it has already significantly reduced the number of Metro Vancouver homes being purchased by foreign buyers.<\/p>\n<p style=\"text-align: justify;\">Interestingly, while lower home sales in Metro Vancouver has resulted in a fall in home prices across BC, Metro Vancouver prices themselves are not falling. Quite the opposite in fact \u2014 REBGV data shows that in October the MLS Home Price Index composite benchmark price for all homes in Metro Vancouver was $919,300. That\u2019s down 0.8% from the previous month, but up 24.8% year-over-year.<\/p>\n<p style=\"text-align: justify;\">In terms of what\u2019s in store for the rest of the year, the BCREA has said that it sees BC home sales coming in at a record 113,000 units in 2016 despite lower sales in Metro Vancouver. As of the end of October, year-to-date sales were up 15% year-over-year at 101,069 units.<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2016\/11\/bcs-october-home-price-drop-fewer-sales-metro-vancouver.html\" target=\"_blank\">BC\u2019s October Home Price Drop the Result of Fewer Sales in Metro Vancouver<\/a> by Charlotte McLeod | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>BC home sales and prices both saw year-over-year declines in October, the latest data from the BC Real Estate Association (BCREA) shows. Sales dropped 16.7%, with just 7,272 homes changing &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/11\/bcs-october-home-price-drop-the-result-of-fewer-sales-in-metro-vancouver\/\">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-4019","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>BC\u2019s October Home Price Drop the Result of Fewer Sales in Metro Vancouver &#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\/2016\/11\/bcs-october-home-price-drop-the-result-of-fewer-sales-in-metro-vancouver\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BC\u2019s October Home Price Drop the Result of Fewer Sales in Metro Vancouver &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"BC home sales and prices both saw year-over-year declines in October, the latest data from the BC Real Estate Association (BCREA) shows. Sales dropped 16.7%, with just 7,272 homes changing &hellip; [read more]\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/11\\\/bcs-october-home-price-drop-the-result-of-fewer-sales-in-metro-vancouver\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/11\\\/bcs-october-home-price-drop-the-result-of-fewer-sales-in-metro-vancouver\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"BC\u2019s October Home Price Drop the Result of Fewer Sales in Metro Vancouver\",\"datePublished\":\"2016-11-17T19:11:04+00:00\",\"dateModified\":\"2016-11-17T20:03:24+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/11\\\/bcs-october-home-price-drop-the-result-of-fewer-sales-in-metro-vancouver\\\/\"},\"wordCount\":353,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"articleSection\":[\"Market Updates\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/11\\\/bcs-october-home-price-drop-the-result-of-fewer-sales-in-metro-vancouver\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/11\\\/bcs-october-home-price-drop-the-result-of-fewer-sales-in-metro-vancouver\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/11\\\/bcs-october-home-price-drop-the-result-of-fewer-sales-in-metro-vancouver\\\/\",\"name\":\"BC\u2019s October Home Price Drop the Result of Fewer Sales in Metro Vancouver &#8226; Rory C Real Estate | Oakwyn Realty\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\"},\"datePublished\":\"2016-11-17T19:11:04+00:00\",\"dateModified\":\"2016-11-17T20:03:24+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/11\\\/bcs-october-home-price-drop-the-result-of-fewer-sales-in-metro-vancouver\\\/#breadcrumb\"},\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/11\\\/bcs-october-home-price-drop-the-result-of-fewer-sales-in-metro-vancouver\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/11\\\/bcs-october-home-price-drop-the-result-of-fewer-sales-in-metro-vancouver\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"BC\u2019s October Home Price Drop the Result of Fewer Sales in Metro Vancouver\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\",\"name\":\"Rory C Real Estate | Oakwyn Realty\",\"description\":\"Rory C Real Estate Updates | Home Selling &amp; Buying\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-CA\"},{\"@type\":[\"Person\",\"Organization\"],\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\",\"name\":\"Rory Clipsham\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-CA\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"contentUrl\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"width\":504,\"height\":504,\"caption\":\"Rory Clipsham\"},\"logo\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\"},\"sameAs\":[\"http:\\\/\\\/www.roryc.ca\\\/\",\"https:\\\/\\\/www.facebook.com\\\/pg\\\/BurnabyandCoquitlamHomes\\\/about\\\/?ref=page_internal\",\"https:\\\/\\\/www.instagram.com\\\/roryclipshamhomes\\\/\",\"https:\\\/\\\/x.com\\\/RoryClipsham\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"BC\u2019s October Home Price Drop the Result of Fewer Sales in Metro Vancouver &#8226; Rory C Real Estate | Oakwyn Realty","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.roryc.ca\/blog\/2016\/11\/bcs-october-home-price-drop-the-result-of-fewer-sales-in-metro-vancouver\/","twitter_card":"summary_large_image","twitter_title":"BC\u2019s October Home Price Drop the Result of Fewer Sales in Metro Vancouver &#8226; Rory C Real Estate | Oakwyn Realty","twitter_description":"BC home sales and prices both saw year-over-year declines in October, the latest data from the BC Real Estate Association (BCREA) shows. Sales dropped 16.7%, with just 7,272 homes changing &hellip; [read more]","twitter_creator":"@RoryClipsham","twitter_site":"@RoryClipsham","twitter_misc":{"Written by":"Rory Clipsham","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.roryc.ca\/blog\/2016\/11\/bcs-october-home-price-drop-the-result-of-fewer-sales-in-metro-vancouver\/#article","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/2016\/11\/bcs-october-home-price-drop-the-result-of-fewer-sales-in-metro-vancouver\/"},"author":{"name":"Rory Clipsham","@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"headline":"BC\u2019s October Home Price Drop the Result of Fewer Sales in Metro Vancouver","datePublished":"2016-11-17T19:11:04+00:00","dateModified":"2016-11-17T20:03:24+00:00","mainEntityOfPage":{"@id":"https:\/\/www.roryc.ca\/blog\/2016\/11\/bcs-october-home-price-drop-the-result-of-fewer-sales-in-metro-vancouver\/"},"wordCount":353,"commentCount":0,"publisher":{"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"articleSection":["Market Updates"],"inLanguage":"en-CA","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.roryc.ca\/blog\/2016\/11\/bcs-october-home-price-drop-the-result-of-fewer-sales-in-metro-vancouver\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.roryc.ca\/blog\/2016\/11\/bcs-october-home-price-drop-the-result-of-fewer-sales-in-metro-vancouver\/","url":"https:\/\/www.roryc.ca\/blog\/2016\/11\/bcs-october-home-price-drop-the-result-of-fewer-sales-in-metro-vancouver\/","name":"BC\u2019s October Home Price Drop the Result of Fewer Sales in Metro Vancouver &#8226; Rory C Real Estate | Oakwyn Realty","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/#website"},"datePublished":"2016-11-17T19:11:04+00:00","dateModified":"2016-11-17T20:03:24+00:00","breadcrumb":{"@id":"https:\/\/www.roryc.ca\/blog\/2016\/11\/bcs-october-home-price-drop-the-result-of-fewer-sales-in-metro-vancouver\/#breadcrumb"},"inLanguage":"en-CA","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.roryc.ca\/blog\/2016\/11\/bcs-october-home-price-drop-the-result-of-fewer-sales-in-metro-vancouver\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.roryc.ca\/blog\/2016\/11\/bcs-october-home-price-drop-the-result-of-fewer-sales-in-metro-vancouver\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.roryc.ca\/blog\/"},{"@type":"ListItem","position":2,"name":"BC\u2019s October Home Price Drop the Result of Fewer Sales in Metro Vancouver"}]},{"@type":"WebSite","@id":"https:\/\/www.roryc.ca\/blog\/#website","url":"https:\/\/www.roryc.ca\/blog\/","name":"Rory C Real Estate | Oakwyn Realty","description":"Rory C Real Estate Updates | Home Selling &amp; Buying","publisher":{"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.roryc.ca\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-CA"},{"@type":["Person","Organization"],"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7","name":"Rory Clipsham","image":{"@type":"ImageObject","inLanguage":"en-CA","@id":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","url":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","contentUrl":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","width":504,"height":504,"caption":"Rory Clipsham"},"logo":{"@id":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg"},"sameAs":["http:\/\/www.roryc.ca\/","https:\/\/www.facebook.com\/pg\/BurnabyandCoquitlamHomes\/about\/?ref=page_internal","https:\/\/www.instagram.com\/roryclipshamhomes\/","https:\/\/x.com\/RoryClipsham"]}]}},"_links":{"self":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/4019","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/comments?post=4019"}],"version-history":[{"count":2,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/4019\/revisions"}],"predecessor-version":[{"id":4021,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/4019\/revisions\/4021"}],"wp:attachment":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/media?parent=4019"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/categories?post=4019"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/tags?post=4019"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}