{"id":7142,"date":"2017-10-05T10:10:02","date_gmt":"2017-10-05T17:10:02","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=7142"},"modified":"2017-10-03T11:50:28","modified_gmt":"2017-10-03T18:50:28","slug":"condo-prices-still-on-fire-in-vancouvers-market","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/10\/condo-prices-still-on-fire-in-vancouvers-market\/","title":{"rendered":"Condo Prices Still on Fire in Vancouver&#8217;s Market"},"content":{"rendered":"<p style=\"text-align: justify;\">Vancouver detached properties continue to see limited price increases one year after the British Columbia government brought in a 15% tax on foreign buyers.<\/p>\n<p style=\"text-align: justify;\">Statistics from the Real Estate Board of Greater Vancouver released Tuesday show the benchmark price for a detached home reached $1,617,300 in September, a 2.9% increase from a year ago, but only a 0.1% increase from August. By comparison, the benchmark price for an apartment property was $635,800, a 21.7% increase from a year ago and a 1.4% increase from just August.<\/p>\n<p style=\"text-align: justify;\">\u201cIt\u2019s a split market and has been unfolding over the last year almost since the foreign tax went into effect,\u201d said Doug Porter, chief economist with Bank Of Montreal. \u201cOur view is that in some respects the condo market is the real market in Vancouver and the detached market is driven by foreign investors and seen the biggest reversal. The condo market is driven by real underlying events like employment and population growth.\u201d<\/p>\n<p style=\"text-align: justify;\">\u2018Like the perfect storm\u2019: An FP Investigation into the events that took Home Capital to the brink<\/p>\n<p style=\"text-align: justify;\">The board said there were 2,821 units sold in the region in September, 2017, a 25.2% increase from a year ago but a 7.3% decrease from the 3,043 homes sold in August. Sales from last month were 13.1% above the 10-year average for September.<\/p>\n<p style=\"text-align: justify;\">\u201cOur detached homes market is balanced today, while apartment and townhome sales remain in sellers\u2019 market territory,\u201d said Jill Oudil, president of the board.<\/p>\n<p style=\"text-align: justify;\">Overall, 5,375 new homes were listed for sale on the Multiple Listing Service in Metro Vancouver last month, a 12% increase from a year ago and a 26.6% increase from August.<\/p>\n<p style=\"text-align: justify;\">The total number of homes listed in Metro Vancouver last month was 9,466, a 1.2% increase from a year but a 7.5% jump from just last month.<\/p>\n<p style=\"text-align: justify;\">\u201cDetached homes made up 30% of all sales in September and represented 62% of all the homes listed for sale on the MLS,\u201d Oudil said. \u201cThis dynamic has slowed the pace of upward pressure that we\u2019ve seen on detached home prices in our market over the last few years.\u201d<\/p>\n<p style=\"text-align: justify;\">The sales-to-active listings ratio for September 2017 was 29.8% for all properties but 14.6% for detached homes, 42.3% for townhomes, and 60.4% for apartments.<\/p>\n<p style=\"text-align: justify;\">\u201cGenerally, analysts 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 noted, in its release.<\/p>\n<p style=\"text-align: justify;\">The index price for all properties was $1,037,300 in September, a 10.9% increase from a year ago and a 0.7% increase over the last month.<\/p>\n<p><a href=\"http:\/\/business.financialpost.com\/real-estate\/condo-prices-still-on-fire-in-vancouvers-tale-of-two-markets\" target=\"_blank\" rel=\"noopener\">Condo Prices Still on Fire in Vancouver&#8217;s Tale of Two Markets<\/a> by Garry Marr | Financial Post<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vancouver detached properties continue to see limited price increases one year after the British Columbia government brought in a 15% tax on foreign buyers. Statistics from the Real Estate Board &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/10\/condo-prices-still-on-fire-in-vancouvers-market\/\">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-7142","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Condo Prices Still on Fire in Vancouver&#039;s Market &#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\/10\/condo-prices-still-on-fire-in-vancouvers-market\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Condo Prices Still on Fire in Vancouver&#039;s Market &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Vancouver detached properties continue to see limited price increases one year after the British Columbia government brought in a 15% tax on foreign buyers. 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