{"id":8898,"date":"2018-04-21T11:11:39","date_gmt":"2018-04-21T18:11:39","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=8898"},"modified":"2018-04-21T09:45:06","modified_gmt":"2018-04-21T16:45:06","slug":"facts-that-show-softened-activity-in-metro-vancouvers-detached-segment","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/04\/facts-that-show-softened-activity-in-metro-vancouvers-detached-segment\/","title":{"rendered":"Facts That Show Softened Activity in Metro Vancouver\u2019s Detached Segment"},"content":{"rendered":"<p style=\"text-align: justify;\">Single-family home sales in Metro Vancouver are off to a slow start this year, and with the recent implementation of the BC government\u2019s new housing policies, activity might not pick up anytime soon.<\/p>\n<p style=\"text-align: justify;\">\u201cRight now what we\u2019re seeing is a confusion and so the sellers are not selling. They\u2019re just holding on, taking a wait and see approach,\u201d Real Estate Board of Greater Vancouver (REBGV) president Phil Moore tells BuzzBuzzNews.<\/p>\n<p style=\"text-align: justify;\">Detached sales in the City of Vancouver hit a 27-year low in March with a total of 136 units changing hands, down 44% from a year ago.<\/p>\n<p style=\"text-align: justify;\">Many economists and market experts are attributing the slowdown in sales to a combination of stricter mortgage regulations, rising interest rates and BC\u2019s new housing plan, announced in February.<\/p>\n<p style=\"text-align: justify;\">The comprehensive plan, which addresses BC\u2019s housing affordability crisis, includes a 5% increase to the existing foreign buyer tax, along with a new speculation tax.<\/p>\n<p style=\"text-align: justify;\">Last month, there were a total of 722 detached sales in Metro Vancouver, down 37% from 1,150 homes sold a year ago.<\/p>\n<p style=\"text-align: justify;\">As we enter the busiest real estate season of the year, here are 8 more facts that show softened activity in Metro Vancouver\u2019s detached segment.<\/p>\n<p style=\"text-align: justify;\">1. A total of 352 detached homes sold in the City of Vancouver from January to March \u2014 registering a 27-year low for the first quarter of 2018 and surpassing the previous low set in Q1 2009.<\/p>\n<p style=\"text-align: justify;\">2. Vancouver realtor Steve Saretsky says detached luxury sales in the city are being impacted by a global pullback of overseas homebuying. \u201cLuxury markets across the globe have cooled significantly following China\u2019s capital controls,\u201d writes Saretsky, in a recent blog post.<\/p>\n<p style=\"text-align: justify;\">3. Although detached sales are down in Metro Vancouver, home prices are on the rise. In March, the benchmark price of a detached home in the region was $1,608,500, up 7.4% from March 2017 and a 0.4% increase compared to February 2018.<\/p>\n<p style=\"text-align: justify;\">4. However, compared to the region\u2019s condo and townhome segments, prices are not escalating as much on a year-over-year basis. \u201cDemand and pricing remain much softer in the single-family home market [but] out of reach for most first-time buyers and many move-up buyers,\u201d reads a Scotiabank Economics report.<\/p>\n<p style=\"text-align: justify;\">5. In Metro Vancouver, the average amount of days detached homes were on the market remained unchanged in March at 40 days compared to 39 days a year ago.<\/p>\n<p style=\"text-align: justify;\">6. There were a total of 1,800 detached listings in Metro Vancouver in March compared to 1,924 listings a year ago. \u201cLast month was the quietest March for new home listings since 2009 and the total inventory, particularly in the condo and townhome segments, of homes for sale remains well below historical norms,\u201d says REBGV\u2019s Moore, in a press release.<\/p>\n<p style=\"text-align: justify;\">7. In March, the sales-to-active listings ratio for detached homes was 14.2%. REBGV says downward pressure on home prices occurs when the ratio falls below the 12% mark over several months, while home prices experience upward pressure when it surpasses 20% for a prolonged period of time.<\/p>\n<p style=\"text-align: justify;\">8. According to Moore, Metro Vancouver\u2019s detached market is shifting into buyers\u2019 market territory. \u201cIt comes down to almost a tale of two markets. The markets for townhomes and condos being very strong and the market for detached homes starting to soften,\u201d he says.<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2018\/04\/8-facts-illustrate-metro-vancouvers-sluggish-detached-market-heading-spring.html\" target=\"_blank\" rel=\"noopener\">8 Facts That Illustrate Metro Vancouver\u2019s Sluggish Detached Market Heading into Spring<\/a> by Kerrisa Wilson | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Single-family home sales in Metro Vancouver are off to a slow start this year, and with the recent implementation of the BC government\u2019s new housing policies, activity might not pick &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/04\/facts-that-show-softened-activity-in-metro-vancouvers-detached-segment\/\">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-8898","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>Facts That Show Softened Activity in Metro Vancouver\u2019s Detached Segment &#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\/04\/facts-that-show-softened-activity-in-metro-vancouvers-detached-segment\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Facts That Show Softened Activity in Metro Vancouver\u2019s Detached Segment &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Single-family home sales in Metro Vancouver are off to a slow start this year, and with the recent implementation of the BC government\u2019s new housing policies, activity might not pick &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=\"3 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\\\/04\\\/facts-that-show-softened-activity-in-metro-vancouvers-detached-segment\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/04\\\/facts-that-show-softened-activity-in-metro-vancouvers-detached-segment\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"Facts That Show Softened Activity in Metro Vancouver\u2019s Detached Segment\",\"datePublished\":\"2018-04-21T18:11:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/04\\\/facts-that-show-softened-activity-in-metro-vancouvers-detached-segment\\\/\"},\"wordCount\":553,\"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\\\/04\\\/facts-that-show-softened-activity-in-metro-vancouvers-detached-segment\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/04\\\/facts-that-show-softened-activity-in-metro-vancouvers-detached-segment\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/04\\\/facts-that-show-softened-activity-in-metro-vancouvers-detached-segment\\\/\",\"name\":\"Facts That Show Softened Activity in Metro Vancouver\u2019s Detached Segment &#8226; 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