{"id":8816,"date":"2018-04-19T10:10:18","date_gmt":"2018-04-19T17:10:18","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=8816"},"modified":"2018-04-12T11:27:31","modified_gmt":"2018-04-12T18:27:31","slug":"vancouver-home-sales-down-30-after-new-mortgage-rules-dampen-demand","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/04\/vancouver-home-sales-down-30-after-new-mortgage-rules-dampen-demand\/","title":{"rendered":"Vancouver Home Sales Down 30% After New Mortgage Rules Dampen Demand"},"content":{"rendered":"<p style=\"text-align: justify;\">Demand for homes in Greater Vancouver and across British Columbia as a whole was down in March due in large part to more stringent federal mortgage qualification regulations that became effective January 1, according to a new report from the British Columbia Real Estate Association<\/p>\n<p style=\"text-align: justify;\">A total of 2,551 residential units changed hands in March in Greater Vancouver, which is a drop of almost 30% compared with the 3,632 homes sold in the same month last year. Across the province, 7,409 units sold, which is down almost 25% compared with 9,825 units in March 2017.<\/p>\n<p style=\"text-align: justify;\">\u201cMore burdensome mortgage qualifications are having the predictable effect of swiftly curbing housing demand,\u201d said BCREA chief economist Cameron Muir.<\/p>\n<p style=\"text-align: justify;\">\u201cYou simply can not pull as much as 20% of the purchasing power away from conventional mortgage borrowers and not create a downturn in consumer demand.\u201d<\/p>\n<p style=\"text-align: justify;\">The average sales price across Greater Vancouver was $1,022,523 for all home types \u2013 up 3.1% compared with $991,690 in March 2017. Across the province, the average price increased 5.3% to $726,930 from $690,545 in the same period last year.<\/p>\n<p style=\"text-align: justify;\">In the report, the BCREA said that although demand has slipped, supply remains low in most areas across the province. The total number of active listings remains at a 12-year low, which is why home prices are continuing to climb, despite falling demand.<\/p>\n<p><a href=\"https:\/\/biv.com\/article\/2018\/04\/march-vancouver-home-sales-down-30-after-new-mortgage-rules-dampen-demand\" target=\"_blank\" rel=\"noopener\">March Vancouver Home Sales Down 30% After New Mortgage Rules Dampen Demand<\/a> by Emma Crawford Hampel | Business in Vancouver<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Demand for homes in Greater Vancouver and across British Columbia as a whole was down in March due in large part to more stringent federal mortgage qualification regulations that became &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/04\/vancouver-home-sales-down-30-after-new-mortgage-rules-dampen-demand\/\">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-8816","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Vancouver Home Sales Down 30% After New Mortgage Rules Dampen Demand &#8226; 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