{"id":4846,"date":"2017-02-07T10:10:24","date_gmt":"2017-02-07T18:10:24","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=4846"},"modified":"2017-02-03T20:09:45","modified_gmt":"2017-02-04T04:09:45","slug":"vancouvers-january-home-sales-data-show-how-far-the-market-has-fallen","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/02\/vancouvers-january-home-sales-data-show-how-far-the-market-has-fallen\/","title":{"rendered":"Vancouver\u2019s January Home Sales Data Show How Far the Market Has Fallen"},"content":{"rendered":"<p style=\"text-align: justify;\">Home sales and prices keep falling in BC several months after the provincial government imposed its foreign-buyer tax.<\/p>\n<p style=\"text-align: justify;\">Some 1,523 residential properties were sold across Metro Vancouver in January, according to the Real Estate Board of Greater Vancouver (REBGV) \u2014 that\u2019s a 39.5% drop from that same month a year ago and down 11.1% compared to December 2016. It\u2019s also 10.3% lower than the 10-year average for January.<\/p>\n<p style=\"text-align: justify;\">Meantime, on a month-over-month basis the benchmark price of a home in the region sunk 0.2% to $896,000. REBGV added the benchmark price has fallen 3.7% in the last six months, which is roughly how long the foreign-buyer-tax, a 15% levy on non-residents buying residential real estate in Metro Vancouver, has been in effect.<\/p>\n<p style=\"text-align: justify;\">\u201cFrom a real estate perspective, it\u2019s a lukewarm start to the year compared to 2016,\u201d said Dan Morrison, president of the board, 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 he added.<\/p>\n<p style=\"text-align: justify;\">BMO Chief Economist Douglas Porter, suggested other developments are dragging sales and prices down in Metro Vancouver. \u201cThe cooldown owes partly to fewer nonresident buyers post-tax, and poor affordability, with most of the downward price pressure in the super-expensive detached segment,\u201d Porter explained.<\/p>\n<p style=\"text-align: justify;\">Indeed, in the detached segment declines have been more pronounced. The benchmark Metro Vancouver detached home price was $1,474,800 in January, having fallen 0.6 per cent month-over-month and 6.6% from six months earlier, reports REBGV. Sales in this corner of the market plummeted 57.6% year-over-year, with only 444 detached dwellings selling via the board\u2019s multiple listing service system.<\/p>\n<p style=\"text-align: justify;\">\u201cConditions within the market vary depending on property type,\u201d noted Morrison. \u201cThe townhome and condominium markets are more active than the detached market at the moment.\u201d<\/p>\n<p style=\"text-align: justify;\">The benchmark condo price rose 0.4% month-over-month to $512,300 in January. Looking back six months, that\u2019s an increase of 0.3%. From a year prior, condo sales were up 24.7% to a monthly total of 825 transactions last month.<\/p>\n<p style=\"text-align: justify;\">The performance of attached properties, including townhouses, was mixed. January attached sales, which numbered 254 units, collapsed by 32.4% year-over-year. But the benchmark price was up from a month ago, rising 0.7% to $666,500. However, this is still down 0.4% from six months ago.<\/p>\n<p style=\"text-align: justify;\">As the foreign-buyer tax continues to have a cooling effect on the Metro Vancouver housing market, the provincial government has provided indication it is going to scale back the tax.<\/p>\n<p style=\"text-align: justify;\">Recently, BC Premier Christy Clark announced plans to exempt non-residents with work permits from paying the foreign-buyer tax on home purchases.<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2017\/02\/vancouvers-january-home-sales-data.html\" target=\"_blank\">Vancouver\u2019s January Home Sales Data Show How Far the Market Has Fallen<\/a> by Josh Sherman | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Home sales and prices keep falling in BC several months after the provincial government imposed its foreign-buyer tax. Some 1,523 residential properties were sold across Metro Vancouver in January, according &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/02\/vancouvers-january-home-sales-data-show-how-far-the-market-has-fallen\/\">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-4846","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\u2019s January Home Sales Data Show How Far the Market Has Fallen &#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\/vancouvers-january-home-sales-data-show-how-far-the-market-has-fallen\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Vancouver\u2019s January Home Sales Data Show How Far the Market Has Fallen &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Home sales and prices keep falling in BC several months after the provincial government imposed its foreign-buyer tax. 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