{"id":5241,"date":"2017-03-18T10:10:41","date_gmt":"2017-03-18T17:10:41","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=5241"},"modified":"2017-03-18T09:40:58","modified_gmt":"2017-03-18T16:40:58","slug":"bcrea-vancouver-real-estate-sales-remain-cool","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/03\/bcrea-vancouver-real-estate-sales-remain-cool\/","title":{"rendered":"BCREA Vancouver Real Estate Sales Remain Cool"},"content":{"rendered":"<p style=\"text-align: justify;\">The real estate market in Vancouver has not picked up any steam since it slowed down in the middle of 2016 in part due to a foreign-buyer tax introduced in August.<\/p>\n<p style=\"text-align: justify;\">A total of 2,461 units were sold in February, which is down 42% year-over-year from 4,254 units sold in the same month last year. The total dollar volume of sales fell almost 48%, from almost $4.7 billion last year to less than $2.5 billion.<\/p>\n<p style=\"text-align: justify;\">The average residential price has fallen a more modest 10%, from $1,104,133 in February 2016 to $995,583.<\/p>\n<p style=\"text-align: justify;\">\u201cWhile benchmark prices are down modestly from their August high, they appear to be creeping up again,\u201d said BMO senior economist Robert Kavcic in a note to investors.<\/p>\n<p style=\"text-align: justify;\">\u201cThe high end of the market has clearly been hit harder, and condos have driven the turn-of-the-year price gains.\u201d<\/p>\n<p style=\"text-align: justify;\">Kavcic pointed out that since listings have also fallen (they are down 37% in the past 12 months), the market remains somewhat balanced.<\/p>\n<p style=\"text-align: justify;\">Across the province as a whole, 6,580 sales took place in the month \u2013 down 32% from last year. Total dollar sales were $4.5 billion, which was a decrease of almost 40%. The average price fell almost 12% to $688,117 from $779,419 last year.<\/p>\n<p style=\"text-align: justify;\">\u201cConsumer demand has returned to a more typical level over the first two months of the year,\u201d said BCREA chief economist Cameron Muir.<\/p>\n<p style=\"text-align: justify;\">\u201cWhile home sales have declined nearly 32% from the extraordinary performance of a year ago, last month\u2019s activity reflected the average for the month of February since the year 2000.\u201d<\/p>\n<p><a href=\"https:\/\/biv.com\/article\/2017\/3\/vancouver-real-estate-sales-remain-cool-bcrea\/\" target=\"_blank\">BCREA Vancouver Real Estate Sales Remain Cool<\/a> by Emma Crawford Hampel | Business in Vancouver<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The real estate market in Vancouver has not picked up any steam since it slowed down in the middle of 2016 in part due to a foreign-buyer tax introduced in &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/03\/bcrea-vancouver-real-estate-sales-remain-cool\/\">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-5241","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>BCREA Vancouver Real Estate Sales Remain Cool &#8226; 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