{"id":9716,"date":"2018-07-06T08:08:00","date_gmt":"2018-07-06T15:08:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=9716"},"modified":"2018-07-04T15:04:47","modified_gmt":"2018-07-04T22:04:47","slug":"high-prices-rising-interest-rates-more-restrictive-mortgage-requirements-are-among-the-factors-dampening-home-buyer-activity","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/07\/high-prices-rising-interest-rates-more-restrictive-mortgage-requirements-are-among-the-factors-dampening-home-buyer-activity\/","title":{"rendered":"High Prices, Rising Interest Rates &#038; More Restrictive Mortgage Requirements are Among the Factors Dampening Home Buyer Activity"},"content":{"rendered":"<p style=\"text-align: justify;\">Home sales across Greater Vancouver fell below long-term averages in June, according to Real Estate Board of Greater Vancouver (REBGV) data released July 4.<\/p>\n<p style=\"text-align: justify;\">Home sales were 28.7% lower than the 10-year June average last month, with a total of 2,425 homes changing ownership. This is a 37.7% drop compared with the 3,893 homes sold in the same month last year and 14.4% lower than May, when 2,833 homes were sold.<\/p>\n<p style=\"text-align: justify;\">Meanwhile, as demand has fallen, supply has had a chance to catch up and reached a three-year high in the month. In June, 11,947 homes were listed for sale in Metro Vancouver \u2013 a jump of 40.3% compared with the same period last year.<\/p>\n<p style=\"text-align: justify;\">\u201cBuyers are less active today, Phil Moore, president of REBGV, said. \u201cThis is allowing the supply of homes for sale to accumulate to levels we haven\u2019t seen in the last few years.<\/p>\n<p style=\"text-align: justify;\">\u201cRising interest rates, high prices and more restrictive mortgage requirements are among the factors dampening home buyer activity today.\u201d<\/p>\n<p style=\"text-align: justify;\">The benchmark price for all home types across the region is now $1,093,600 \u2013 up 9.5% year-over-year. For detached homes, the price remained relatively stable over the past year, inching up 0.7% to $1,598,000. For apartments, the benchmark price jumped 17.2% to $704,200, and the price for attached homes increased 15.3% to $859,800.<\/p>\n<p><a href=\"https:\/\/biv.com\/article\/2018\/07\/vancouver-housing-supply-jumps-demand-falls-rebgv\" target=\"_blank\" rel=\"noopener\">REBGV : Vancouver Housing Supply Jumps as Demand Falls<\/a> by Emma Crawford Hampel | Business in Vancouver<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Home sales across Greater Vancouver fell below long-term averages in June, according to Real Estate Board of Greater Vancouver (REBGV) data released July 4. Home sales were 28.7% lower than &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/07\/high-prices-rising-interest-rates-more-restrictive-mortgage-requirements-are-among-the-factors-dampening-home-buyer-activity\/\">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-9716","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>High Prices, Rising Interest Rates &amp; More Restrictive Mortgage Requirements are Among the Factors Dampening Home Buyer Activity &#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=\"http:\/\/www.roryc.ca\/blog\/2018\/07\/high-prices-rising-interest-rates-more-restrictive-mortgage-requirements-are-among-the-factors-dampening-home-buyer-activity\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"High Prices, Rising Interest Rates &amp; More Restrictive Mortgage Requirements are Among the Factors Dampening Home Buyer Activity &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Home sales across Greater Vancouver fell below long-term averages in June, according to Real Estate Board of Greater Vancouver (REBGV) data released July 4. Home sales were 28.7% lower than &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=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"http:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/07\\\/high-prices-rising-interest-rates-more-restrictive-mortgage-requirements-are-among-the-factors-dampening-home-buyer-activity\\\/#article\",\"isPartOf\":{\"@id\":\"http:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/07\\\/high-prices-rising-interest-rates-more-restrictive-mortgage-requirements-are-among-the-factors-dampening-home-buyer-activity\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"High Prices, Rising Interest Rates &#038; 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