{"id":8273,"date":"2018-02-21T10:10:15","date_gmt":"2018-02-21T18:10:15","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=8273"},"modified":"2018-02-15T14:51:25","modified_gmt":"2018-02-15T22:51:25","slug":"bcrea-pointed-the-finger-at-new-mortgage-rules-as-home-sales-dropped-in-january","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/02\/bcrea-pointed-the-finger-at-new-mortgage-rules-as-home-sales-dropped-in-january\/","title":{"rendered":"BCREA Pointed the Finger at New Mortgage Rules as Home Sales Dropped in January"},"content":{"rendered":"<p style=\"text-align: justify;\">As BC home sales nosedived in January following a strong December, the British Columbia Real Estate Association (BCREA) pointed the finger at new mortgage regulations as the likely culprit for the decline.<\/p>\n<p style=\"text-align: justify;\">In January, BC home sales fell 10% from December 2017, on a seasonally adjusted basis, according to the latest data from the BCREA, published today.<\/p>\n<p style=\"text-align: justify;\">\u201cThere was some advance buying going on at the end of the year \u2014 trying to get in before the new regulations came into effect. And of course there was obviously a lag on sales in January as a result of that,\u201d BCREA Chief Economist Cameron Muir tells BuzzBuzzNews.<\/p>\n<p style=\"text-align: justify;\">Muir says the impact was magnified by strong sales activity in December, as many buyers fast tracked their purchase decisions ahead of the new mortgage stress test, which came into effect on January 1.<\/p>\n<p style=\"text-align: justify;\">Although home sales dropped compared to a month earlier, the seasonally adjusted annual rate of transactions was 101,800 units in January \u2014 a sign that demand in the market remains \u201cquite buoyant,\u201d says Muir.<\/p>\n<p style=\"text-align: justify;\">There were 5,306 home sales province-wide in January, an 18.3% year-over-year increase.<\/p>\n<p style=\"text-align: justify;\">In Greater Vancouver, a total of 1,846 units changed hands in January, up roughly 19% from 1,553 units a year ago.<\/p>\n<p style=\"text-align: justify;\">All other BC markets saw an annual gain in sales last month, except for Victoria where 407 units sold in January, a 9% decline from the 449 units sold a year ago.<\/p>\n<p style=\"text-align: justify;\">\u201cOne of the challenges in Victoria is they have an incredibly low level of listings. So, the number of homes for sale are at or near decade lows and that\u2019s going to operate the slow overall home sale activity,\u201d says Muir.<\/p>\n<p style=\"text-align: justify;\">Last month, Victoria\u2019s sales-to-active listings ratio declined to 40.5% from 46.3% in January 2017 \u2014 the only BC market to experience a decline. However, Muir says the market remains in strong sellers territory.<\/p>\n<p style=\"text-align: justify;\">In January, the province\u2019s total active listings dropped 8.6% to 20,901 units, compared to 22,874 units a year earlier.<\/p>\n<p style=\"text-align: justify;\">With demand outweighing supply across the province, all markets experienced price growth last month.<\/p>\n<p style=\"text-align: justify;\">Overall, the average price of a home in the province was $721,477 in January, up 16% from $621,093 the previous year.<\/p>\n<p style=\"text-align: justify;\">Going forward, Muir says market headwinds will continue to impact housing activity across the province this year.<\/p>\n<p style=\"text-align: justify;\">\u201cPart of those [headwinds] are new mortgage regulations, a rising interest rate environment, and perhaps, more importantly, price levels in many markets are quite elevated and there\u2019s not a lot of room to grow on the upside on prices.\u201d<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2018\/02\/bc-sales-dropped-january-mortgage-rules-blame-bcrea.html\" target=\"_blank\" rel=\"noopener\">BCREA : BC Home Sales Dropped in January &amp; New Mortgage Rules are Likely to Blame<\/a> by Kerrisa Wilson | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As BC home sales nosedived in January following a strong December, the British Columbia Real Estate Association (BCREA) pointed the finger at new mortgage regulations as the likely culprit for &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/02\/bcrea-pointed-the-finger-at-new-mortgage-rules-as-home-sales-dropped-in-january\/\">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-8273","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>BCREA Pointed the Finger at New Mortgage Rules as Home Sales Dropped in January &#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\/2018\/02\/bcrea-pointed-the-finger-at-new-mortgage-rules-as-home-sales-dropped-in-january\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BCREA Pointed the Finger at New Mortgage Rules as Home Sales Dropped in January &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"As BC home sales nosedived in January following a strong December, the British Columbia Real Estate Association (BCREA) pointed the finger at new mortgage regulations as the likely culprit for &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=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/02\\\/bcrea-pointed-the-finger-at-new-mortgage-rules-as-home-sales-dropped-in-january\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/02\\\/bcrea-pointed-the-finger-at-new-mortgage-rules-as-home-sales-dropped-in-january\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"BCREA Pointed the Finger at New Mortgage Rules as Home Sales Dropped in January\",\"datePublished\":\"2018-02-21T18:10:15+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/02\\\/bcrea-pointed-the-finger-at-new-mortgage-rules-as-home-sales-dropped-in-january\\\/\"},\"wordCount\":438,\"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\\\/2018\\\/02\\\/bcrea-pointed-the-finger-at-new-mortgage-rules-as-home-sales-dropped-in-january\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/02\\\/bcrea-pointed-the-finger-at-new-mortgage-rules-as-home-sales-dropped-in-january\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/02\\\/bcrea-pointed-the-finger-at-new-mortgage-rules-as-home-sales-dropped-in-january\\\/\",\"name\":\"BCREA Pointed the Finger at New Mortgage Rules as Home Sales Dropped in January &#8226; 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