{"id":4823,"date":"2017-02-03T11:11:34","date_gmt":"2017-02-03T19:11:34","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=4823"},"modified":"2017-02-02T15:55:53","modified_gmt":"2017-02-02T23:55:53","slug":"vancouver-home-sales-plunge-40-and-now-prices-are-beginning-to-follow","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/02\/vancouver-home-sales-plunge-40-and-now-prices-are-beginning-to-follow\/","title":{"rendered":"Vancouver Home Sales Plunge 40% \u2014 and Now Prices Are Beginning to Follow"},"content":{"rendered":"<p style=\"text-align: justify;\">Existing home sales in Metro Vancouver fell almost 40 per cent in January from a year ago and prices are beginning to follow.<\/p>\n<p style=\"text-align: justify;\">The Real Estate Board of Greater Vancouver said Thursday there were 1,523 sales in January 2017, down from 2,519 sales a year ago and a drop of 11.1% from the 1,714 sales in December. The January sales figures were 10.3% below the 10-year average for the month.<\/p>\n<p style=\"text-align: justify;\">In terms of prices, the board said its MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver was $896,000 in January, a 3.7% decline over the past six months and a 0.2% drop from December, 2016.<\/p>\n<p style=\"text-align: justify;\">\u201cFrom a real estate perspective, it\u2019s a lukewarm start to the year compared to 2016,\u201d Dan Morrison, president of the board, said in a statement. \u201cWhile we saw near record-breaking sales at this time last year, home buyers and sellers are more reluctant to engage so far in 2017.\u201d<\/p>\n<p style=\"text-align: justify;\">The falling numbers come as Vancouver continues to grapple with the impact of a 15% foreign property transfer tax the province began imposing in August. Last month, the British Columbia premier, Christy Clark, backtracked on her foreign tax by saying foreigners with work permits who live and work in BC would be exempted.<\/p>\n<p style=\"text-align: justify;\">Meanwhile, in Toronto, realtors released a study on Tuesday to fend off cries for a similar tax in Canada\u2019s largest city. The study from TREB showed almost five per cent of purchases in the Greater Toronto Area can be traced to foreign buyers.<\/p>\n<p style=\"text-align: justify;\">January sales figures for Metro Vancouver\u2019s detached properties \u2014 thought to be highly sought after by overseas buyers \u2014 saw only 444 deals. The slower pace of sales, represented a 57.6% decline from a year ago.<\/p>\n<p style=\"text-align: justify;\">The benchmark price for detached properties was $1,474,800, a 6.6%\u00a0 decline over the last six months and a 0.6% decrease compared to December 2016.<\/p>\n<p style=\"text-align: justify;\">Supply appears to be ramping up quickly. The total number of new listings for detached, attached and apartment properties in Metro Vancouver was 4,140 in January, 2017. That figure represented a 6.8% decrease from a year ago but was up 215.5% from December, 2016.<\/p>\n<p style=\"text-align: justify;\">The total number of homes listed for sale on the Multiple Listing Service in Metro Vancouver climbed 9.1% over the last year to 7,238 in January, 2017. Total listings jumped 14.1% from the 6,345 listings in December, 2016.<\/p>\n<p style=\"text-align: justify;\">The sales-to-active listings ratio of 21% in January, 2017 was 21%, the lowest ratio for the region in two years.<\/p>\n<p style=\"text-align: justify;\">\u201cAnalysts say that downward pressure on home prices occurs when the ratio dips below the 12% mark for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months,\u201d the board said in a statement.<\/p>\n<p style=\"text-align: justify;\">Morrison said property type is defining activity in the Greater Vancouver market. \u201cThe townhome and condominium markets are more active than the detached market at the moment,\u201d Morrison said, adding while detached home prices are falling, townhome and condominium prices are holding steady.<\/p>\n<p style=\"text-align: justify;\">Apartment property sales did decline 24.7 in January, 2017 from a year ago but the benchmark price of $512,300 was only off 0.3% over the last six months and up 0.4% from December, 2016.<\/p>\n<p><a href=\"http:\/\/business.financialpost.com\/personal-finance\/mortgages-real-estate\/vancouver-home-sales-plunge-40-and-prices-are-beginning-to-follow\" target=\"_blank\">Vancouver Home Sales Plunge 40% \u2014 and Now Prices Are Beginning to Follow<\/a> by Garry Marr | Finanical Post<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Existing home sales in Metro Vancouver fell almost 40 per cent in January from a year ago and prices are beginning to follow. The Real Estate Board of Greater Vancouver &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/02\/vancouver-home-sales-plunge-40-and-now-prices-are-beginning-to-follow\/\">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-4823","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Vancouver Home Sales Plunge 40% \u2014 and Now Prices Are Beginning to Follow &#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\/2017\/02\/vancouver-home-sales-plunge-40-and-now-prices-are-beginning-to-follow\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Vancouver Home Sales Plunge 40% \u2014 and Now Prices Are Beginning to Follow &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Existing home sales in Metro Vancouver fell almost 40 per cent in January from a year ago and prices are beginning to follow. 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