{"id":8546,"date":"2018-03-15T10:10:52","date_gmt":"2018-03-15T17:10:52","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=8546"},"modified":"2018-03-14T15:05:17","modified_gmt":"2018-03-14T22:05:17","slug":"stricter-mortgage-regulations-to-blame-for-double-digit-decline-home-sales","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/03\/stricter-mortgage-regulations-to-blame-for-double-digit-decline-home-sales\/","title":{"rendered":"Stricter Mortgage Regulations to Blame for Double Digit Decline Home Sales"},"content":{"rendered":"<p style=\"text-align: justify;\">BC home sales saw an annual decline in February and \u2014 like much of the rest of the country \u2014 stricter mortgage regulations appear to be to blame for the drop.<\/p>\n<p style=\"text-align: justify;\">Last month, a total of 6,206 homes changed hands in the province, down 5.7% from February 2017, according to the latest data from the British Columbia Real Estate Association (BCREA), published today.<\/p>\n<p style=\"text-align: justify;\">With the introduction of a new mortgage stress test on January 1, BCREA Chief Economist Cameron Muir says more stringent mortgage qualification rules are dampening housing demand across the province.<\/p>\n<p style=\"text-align: justify;\">\u201cIf we look at February compared to December, sales were down about 26% on a seasonally adjusted basis,\u201d Muir tells BuzzBuzzNews.<\/p>\n<p style=\"text-align: justify;\">Muir attributes the drop in sales to unusually strong activity in December before the new rules came into effect. And because eroding affordability has been easing demand, and reduced purchasing power for many households.<\/p>\n<p style=\"text-align: justify;\">The province continues to face tight supply, with 22,633 active listings in February, a 5.5% drop from a year ago.<\/p>\n<p style=\"text-align: justify;\">\u201cMost regions in the southern half of the province are at or near 10-year lows in terms of supply and that has been quite persistent. As a result we\u2019re continuing to see upward pressure on prices, as homebuyers compete with one another for the available product in the marketplace,\u201d says Muir.<\/p>\n<p style=\"text-align: justify;\">In Greater Vancouver, the average price of a home was $1,063,494 in February, a 6.8% increase from $995,583 a year ago.<\/p>\n<p style=\"text-align: justify;\">Muir says Greater Vancouver\u2019s market remains in sellers\u2019 territory with a sales-to-active listings ratio of 26.6%, compared to 30 per cent in February 2017.<\/p>\n<p style=\"text-align: justify;\">\u201cThe detached market is more or less in balance, whereas when we get into the multi-family market \u2014 whether it be townhouses or apartments \u2014 they are firmly in sellers\u2019 market territory,\u201d says Muir.<\/p>\n<p style=\"text-align: justify;\">\u201cWe see prices climbing at rates of 25% to 30% year-over-year growth in the apartment market in Metro Vancouver region,\u201d he adds.<\/p>\n<p style=\"text-align: justify;\">Last month, the Fraser Valley region saw the largest annual gain in price growth out of all regions recorded. The average price of a home was $761,446, a nearly 23% increase from $619,792 in February 2017.<\/p>\n<p style=\"text-align: justify;\">According to Muir, the region is in strong sellers\u2019 territory with a sales-to-active listings ratio of roughly 41%.<\/p>\n<p style=\"text-align: justify;\">\u201cEven in the face of some more tepid demand, we\u2019re continuing to see prices rise as there simply isn\u2019t enough product out there to satiate demand,\u201d says the economist.<\/p>\n<p style=\"text-align: justify;\">Limited supply was met with strong demand last month, resulting in an increase in home prices, says Muir. The average price of a home in BC was $748,327 in February, up 8.8% from the previous year.<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2018\/03\/bc-sales-decline-introduction-mortgage-rules.html\" target=\"_blank\" rel=\"noopener\">BC Home Sales See Double Digit Decline Since Introduction of Stricter Mortgage Rules<\/a> by Kerrisa Wilson | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>BC home sales saw an annual decline in February and \u2014 like much of the rest of the country \u2014 stricter mortgage regulations appear to be to blame for the &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/03\/stricter-mortgage-regulations-to-blame-for-double-digit-decline-home-sales\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-8546","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>Stricter Mortgage Regulations to Blame for Double Digit Decline Home Sales &#8226; 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