{"id":7721,"date":"2017-12-18T10:10:33","date_gmt":"2017-12-18T18:10:33","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=7721"},"modified":"2017-12-12T13:58:49","modified_gmt":"2017-12-12T21:58:49","slug":"greater-vancouver-home-sales-jump-in-run-up-to-mortgage-rules-change","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/12\/greater-vancouver-home-sales-jump-in-run-up-to-mortgage-rules-change\/","title":{"rendered":"Greater Vancouver Home Sales Jump in Run-Up to Mortgage Rules Change"},"content":{"rendered":"<p style=\"text-align: justify;\">As the clock runs out before new, stricter mortgage qualification laws come into place, the number of unit sales across Greater Vancouver jumped in November.<\/p>\n<p style=\"text-align: justify;\">The new laws, which are expected to make it harder for many Canadian homebuyers to qualify for mortgages with federally regulated lenders, come into place January 1, 2018.<\/p>\n<p style=\"text-align: justify;\">A total of 2,831 homes were sold in the month, according to new numbers from the British Columbia Real Estate Association (BCREA). This is an almost 26% increase compared with the 2,255 sales that took place in November 2016. The total dollar volume of all sales jumped 44% to just more than $2.9 billion in the month, compared with just over $2 billion in the same month last year.<\/p>\n<p style=\"text-align: justify;\">The average residential sales price across the region increased almost 15% year-over-year, reaching $1,026,506.<\/p>\n<p style=\"text-align: justify;\">Province-wide, the total dollar volume of sales increased more than 39% to almost $5.6 billion. The number of units sold increased 20% to 7,731. Across BC, the average selling price was $723,112 \u2013 an increase of almost 16% compared with $625,818 in November 2016.<\/p>\n<p style=\"text-align: justify;\">According to Cameron Muir, BCREA chief economist, a strong economy is behind part of the sales increase.<\/p>\n<p style=\"text-align: justify;\">\u201cElevated consumer demand is being supported by strong employment growth, rising wages and favourable demographics,\u201d he said.<\/p>\n<p style=\"text-align: justify;\">The BCREA points to a 3.8% province-wide increase in employment, year-over-year, as one of the strongest factors in the jump. As well, average hourly wages increased 5.7% to $26.82.<\/p>\n<p><a href=\"https:\/\/www.biv.com\/article\/2017\/12\/greater-vancouver-home-sales-jump-run-mortgage-rul\/\" target=\"_blank\" rel=\"noopener\">BCREA : Greater Vancouver Home Sales Jump in Run-Up to Mortgage Rules Change<\/a> by Emma Crawford Hampel | Business in Vancouver<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As the clock runs out before new, stricter mortgage qualification laws come into place, the number of unit sales across Greater Vancouver jumped in November. The new laws, which are &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/12\/greater-vancouver-home-sales-jump-in-run-up-to-mortgage-rules-change\/\">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-7721","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>Greater Vancouver Home Sales Jump in Run-Up to Mortgage Rules Change &#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\/12\/greater-vancouver-home-sales-jump-in-run-up-to-mortgage-rules-change\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Greater Vancouver Home Sales Jump in Run-Up to Mortgage Rules Change &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"As the clock runs out before new, stricter mortgage qualification laws come into place, the number of unit sales across Greater Vancouver jumped in November. The new laws, which are &hellip; [read more]\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/12\\\/greater-vancouver-home-sales-jump-in-run-up-to-mortgage-rules-change\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/12\\\/greater-vancouver-home-sales-jump-in-run-up-to-mortgage-rules-change\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"Greater Vancouver Home Sales Jump in Run-Up to Mortgage Rules Change\",\"datePublished\":\"2017-12-18T18:10:33+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/12\\\/greater-vancouver-home-sales-jump-in-run-up-to-mortgage-rules-change\\\/\"},\"wordCount\":250,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"articleSection\":[\"Market Updates\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/12\\\/greater-vancouver-home-sales-jump-in-run-up-to-mortgage-rules-change\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/12\\\/greater-vancouver-home-sales-jump-in-run-up-to-mortgage-rules-change\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/12\\\/greater-vancouver-home-sales-jump-in-run-up-to-mortgage-rules-change\\\/\",\"name\":\"Greater Vancouver Home Sales Jump in Run-Up to Mortgage Rules Change &#8226; 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