{"id":4572,"date":"2017-01-19T11:11:47","date_gmt":"2017-01-19T19:11:47","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=4572"},"modified":"2017-01-20T13:24:03","modified_gmt":"2017-01-20T21:24:03","slug":"vancouver-home-sales-downturn-expected-to-impact-prices","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/01\/vancouver-home-sales-downturn-expected-to-impact-prices\/","title":{"rendered":"Vancouver Home Sales Downturn Expected to Impact Prices"},"content":{"rendered":"<p style=\"text-align: justify;\">Latest numbers from The Globe and Mail\u2019s House Price Data Centre revealed a trend indicating an eventual slowdown in the pace of home price growth in Vancouver, stemming from sluggish sales figures after the BC government\u2019s implementation of a 15% tax on foreign buyers.<\/p>\n<p style=\"text-align: justify;\">As of the end of 2016, the average home price in Vancouver declined by 0.8% (down to $778,590) compared to November. Marc Pinsonneault of National Bank said that this was the city\u2019s third consecutive monthly drop.<\/p>\n<p style=\"text-align: justify;\">Much of the decline was observed in single-family properties and other detached home types. Condos held steady, according to The Globe and Mail.<\/p>\n<p style=\"text-align: justify;\">The numbers mirrored recent predictions made by Royal LePage, which warned Vancouverites to brace themselves for a possible home price correction this year.<\/p>\n<p style=\"text-align: justify;\">\u201cEroding affordability in BC\u2019s Lower Mainland has reached unsustainable ground. This, coupled with recently introduced public policy measures and lower sales volumes, has put visible downward pressure on home prices,\u201d Royal LePage president and CEO Phil Soper stated.<\/p>\n<p style=\"text-align: justify;\">\u201cWhile the cost of a home in Greater Vancouver will remain the highest in the country, a modest price reset will provide much needed relief in the Lower Mainland and help reignite overall buyer activity in the region.\u201d<\/p>\n<p><a href=\"http:\/\/www.canadianrealestatemagazine.ca\/news\/vancouver-home-sales-downturn-expected-to-impact-prices--report-219595.aspx\" target=\"_blank\">Vancouver Home Sales Downturn Expected to Impact Prices<\/a> by Ephraim Vecina | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Latest numbers from The Globe and Mail\u2019s House Price Data Centre revealed a trend indicating an eventual slowdown in the pace of home price growth in Vancouver, stemming from sluggish &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/01\/vancouver-home-sales-downturn-expected-to-impact-prices\/\">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-4572","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Vancouver Home Sales Downturn Expected to Impact Prices &#8226; 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