{"id":9517,"date":"2018-06-27T10:01:29","date_gmt":"2018-06-27T17:01:29","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=9517"},"modified":"2018-06-20T09:26:33","modified_gmt":"2018-06-20T16:26:33","slug":"mortgage-qualification-rules-slow-both-total-dollar-volume-30-number-of-units-28-7-of-home-sales","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/06\/mortgage-qualification-rules-slow-both-total-dollar-volume-30-number-of-units-28-7-of-home-sales\/","title":{"rendered":"Mortgage Qualification Rules Slow Both Total Dollar Volume (-30%) & Number of Units (-28.7%) of Home Sales"},"content":{"rendered":"

Both the total dollar volume of home sales and the number of units changing hands in Greater Vancouver fell around 35% in May, according to new data from the British Columbia Real Estate Association (BCREA).<\/p>\n

According to the BCREA, the drop in sales was related to new federal rules that make it more difficult for buyers to qualify for a mortgage.<\/p>\n

\u201cBC home sales continued to slow in May because of more stringent qualifications for conventional borrowers,\u201d BCREA chief economist Cameron Muir said.<\/p>\n

\u201cThe changes in mortgage policy are taking their toll on housing demand, not only in British Columbia, but across the country by reducing household purchasing power and housing affordability.\u201d<\/p>\n

A total of just under $3.2 billion in real estate transactions took place in the month, down 35.1% compared with more than $4.9 billion in May 2017. The number of units sold fell 34.7% from 4,425 to 2,890, and the average home sale dipped 0.6% to $1,103,803 in the region.<\/p>\n

Across BC, the total dollar value of all homes sold fell 30%, from $9.3 billion to $6.5 billion. Unit sales fell 28.7% to 8,837 in the month.<\/p>\n

According to the BCREA, a drop in demand has boosted the inventory of homes available for sale, but the numbers are still low by historical standards.<\/p>\n

BCREA Federal Mortgage Qualification Rules Slow Real Estate Activity in BC<\/a> by Emma Crawford Hampel | Business in Vancouver<\/p>\n","protected":false},"excerpt":{"rendered":"

Both the total dollar volume of home sales and the number of units changing hands in Greater Vancouver fell around 35% in May, according to new data from the British … [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-9517","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"\nMortgage Qualification Rules Slow Both Total Dollar Volume (-30%) & Number of Units (-28.7%) of Home Sales • 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\/06\/mortgage-qualification-rules-slow-both-total-dollar-volume-30-number-of-units-28-7-of-home-sales\/\" \/>\n<meta name=\"twitter:card\" 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