{"id":5539,"date":"2017-04-18T10:10:07","date_gmt":"2017-04-18T17:10:07","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=5539"},"modified":"2017-04-17T13:17:30","modified_gmt":"2017-04-17T20:17:30","slug":"total-value-of-vancouver-home-sales-down-38-year-over-year","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/04\/total-value-of-vancouver-home-sales-down-38-year-over-year\/","title":{"rendered":"Total Value of Vancouver Home Sales Down 38% Year-Over-Year"},"content":{"rendered":"

Vancouver\u2019s real estate market is still in the cooling stage where it has been since mid-2016, partly in response to the implementation of a foreign-buyer tax in the summer.<\/p>\n

Residential sales across Metro Vancouver reached just over $3.6 billion in March, according to the British Columbia Real Estate Association, which is a drop of 37.9% compared with the nearly $5.8 billion in the same month last year.<\/p>\n

A total of 3,632 units sold across the region, down 31.5% from the 5,301 units in the same month last year. The average residential prices has slipped 9.3% from $1,093,267 to $991,690.<\/p>\n

Supply increased slightly across the region, with active listings increasing 1.1% to 8,211 in the month, but it is a different story across the province. The total number of available units fell more than 18% in BC in March, and the number of units sold fell almost 22%. The average selling price of all homes across the province was $690,597, down $10.5% year-over-year from $771,656.<\/p>\n

\u201cConsumer demand continues to normalize following blockbuster home sales in 2016,\u201d said BCREA economist Brendon Ogmundson.<\/p>\n

\u201cHowever, the supply of homes available for sale has not recovered and is still declining in many markets around the province.<\/p>\n

The BCREA said the average price in the province fell because of a shift in the composition of sales away from high-priced homes in Vancouver, but overall, home prices in most markets jumped because of supply constraints the organization described as \u201csevere.\u201d Prices increased in all markets other than Vancouver and the Fraser Valley (where the average price fell 11.3% to $639,124). The biggest increase was seen in the Kootenay region, where prices increased 13.6% to an average of $293,771. Other areas with large increases were South Okanagan (up 12.9% to $373,855), Chilliwack (up 12.6% to $432,879) and Victoria (up 11.3% to $640,802).<\/p>\n

BCREA : Total Value of Vancouver Home Sales Down 38% Year-Over-Year in March<\/a> by Emma Crawford Hampel | Business in Vancouver<\/p>\n","protected":false},"excerpt":{"rendered":"

Vancouver\u2019s real estate market is still in the cooling stage where it has been since mid-2016, partly in response to the implementation of a foreign-buyer tax in the summer. Residential … [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-5539","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"\nTotal Value of Vancouver Home Sales Down 38% Year-Over-Year • 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\/04\/total-value-of-vancouver-home-sales-down-38-year-over-year\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Total Value of Vancouver Home Sales Down 38% Year-Over-Year • Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Vancouver\u2019s real estate market is still in the cooling stage where it has been since mid-2016, partly in response to the implementation of a foreign-buyer tax in the summer. 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