{"id":7401,"date":"2017-11-06T10:10:03","date_gmt":"2017-11-06T18:10:03","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=7401"},"modified":"2017-11-03T15:29:18","modified_gmt":"2017-11-03T22:29:18","slug":"new-mortgage-regulations-driving-up-home-sales-in-vancouver","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/11\/new-mortgage-regulations-driving-up-home-sales-in-vancouver\/","title":{"rendered":"New Mortgage Regulations Driving Up Home Sales in Vancouver"},"content":{"rendered":"<p style=\"text-align: justify;\">Metro Vancouver\u2019s existing home sales soared past historical levels in October, but activity still varies based on property type.<\/p>\n<p style=\"text-align: justify;\">A total of 3,022 homes changed hands in the region last month, up 35% from the 2,233 sales recorded a year ago, according to the Real Estate Board of Greater Vancouver\u2019s (REBGV) latest data, published today.<\/p>\n<p style=\"text-align: justify;\">\u201cFor condos and townhomes, the demand is still very high. We still are seeing a shortage in supply certainly for both of those categories,\u201d Jill Oudil, REBGV president tells BuzzBuzzNews.<\/p>\n<p style=\"text-align: justify;\">Last month, sales were 15% above the 10-year October sales average.<\/p>\n<p style=\"text-align: justify;\">A total of 1,532 condos and 550 attached homes sold in October, representing 30% and 36.5% year-over-year increases, respectively. Meantime, 940 detached properties sold, up 44% from the 652 sales a year ago.<\/p>\n<p style=\"text-align: justify;\">According to Oudil, demand is being driven by the growth of BC\u2019s provincial economy, along with a steady job market. But a booming economy might not be the only reason for a surge in sales last month.<\/p>\n<p style=\"text-align: justify;\">In October, the Office of the Superintendent for Financial Institutions\u2019 (OSFI) announced that as of January 1, a new stress test will require all uninsured mortgage borrowers to qualify against the Bank of Canada\u2019s five-year benchmark rate, or at their contract mortgage rate plus an additional two per cent.<\/p>\n<p style=\"text-align: justify;\">Oudil says the impending changes in the mortgage qualification process could have played a role in the region\u2019s strong sales performance in October.<\/p>\n<p style=\"text-align: justify;\">The announcement has helped spur activity in the region recently, as people are entering the market ahead of the new rule changes, says Oudil.<\/p>\n<p style=\"text-align: justify;\">Although sales exceeded historical levels last month, activity varied among the region\u2019s different housing segments.<\/p>\n<p style=\"text-align: justify;\">Strong demand for more affordable condos and townhomes continued, while sales moderated for single-family homes.<\/p>\n<p style=\"text-align: justify;\">With more supply available in the detached segment, prices are easing, says Oudil. Conversely, limited supply in the condo and townhouse segments is causing prices to climb.<\/p>\n<p style=\"text-align: justify;\">\u201cDetached [prices] actually have not changed a lot. Attached, condos and townhomes are almost the same as last month but they certainly have been going up over the last year,\u201d says Oudil.<\/p>\n<p style=\"text-align: justify;\">Last month, condo prices rose roughly 23% year-over-year to $642,000. Meantime, attached prices was $802,400, up 18% from a year ago.<\/p>\n<p style=\"text-align: justify;\">In the detached segment, the benchmark price of a home was $1,609,600 \u2014 a four per cent uptick from a year ago.<\/p>\n<p style=\"text-align: justify;\">Overall, the benchmark price for all residential properties in Metro Vancouver was $1,042,300 last month, a 12.4% increase compared to October 2016 and up 0.5% from September 2017.<\/p>\n<p style=\"text-align: justify;\">Oudil notes the sales-to-active listing ratio for a condo was still extremely high last month at 66%. Whereas, the detached market was relatively balanced with a sales-to-active listing ratio of 17 per cent, says Oudil.<\/p>\n<p style=\"text-align: justify;\">For the remainder of 2017, Oudil anticipates more attached homes will enter the market, increasing supply and relieving pressure on the more affordable housing segments.<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2017\/11\/new-mortgage-regulations-driving-home-sales-metro-vancouver.html\" target=\"_blank\" rel=\"noopener\">Are The New Mortgage Regulations Driving Up Home Sales in Metro Vancouver<\/a>? by Kerrisa Wilson | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Metro Vancouver\u2019s existing home sales soared past historical levels in October, but activity still varies based on property type. A total of 3,022 homes changed hands in the region last &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/11\/new-mortgage-regulations-driving-up-home-sales-in-vancouver\/\">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-7401","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>New Mortgage Regulations Driving Up Home Sales in Vancouver &#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\/11\/new-mortgage-regulations-driving-up-home-sales-in-vancouver\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"New Mortgage Regulations Driving Up Home Sales in Vancouver &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Metro Vancouver\u2019s existing home sales soared past historical levels in October, but activity still varies based on property type. 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