{"id":9756,"date":"2018-07-18T08:08:26","date_gmt":"2018-07-18T15:08:26","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=9756"},"modified":"2018-07-18T06:52:55","modified_gmt":"2018-07-18T13:52:55","slug":"vancouver-detached-home-sales-plunge-to-27-year-low-after-new-mortgage-rules","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/07\/vancouver-detached-home-sales-plunge-to-27-year-low-after-new-mortgage-rules\/","title":{"rendered":"Vancouver Detached Home Sales Plunge to 27-Year Low After New Mortgage Rules"},"content":{"rendered":"<p style=\"text-align: justify;\">It\u2019s been six months since stricter mortgage regulations came into effect and the measures are linked to persistent sales declines in the City of Vancouver\u2019s detached housing market.<\/p>\n<p style=\"text-align: justify;\">Last month, only 177 detached homes changed hands in the city, a 35% decline from a year ago and a 27-year low for the month of June, according to the Real Estate Board of Greater Vancouver. This decline is the lowest total ever recorded since the board began compiling market data in 1991.<\/p>\n<p style=\"text-align: justify;\">Vancouver-based realtor Steve Saretsky argues that the city\u2019s detached market will continue this slump throughout the rest of the year. He also believes that the new mortgage rules introduced in January are not the only factor to blame for declining detached sales, as activity has been dropping since the foreign buyer tax was implemented two years ago.<\/p>\n<p style=\"text-align: justify;\">\u201cAt the same time, foreign capital has pulled back and there has been tightening in mortgage lending as well. I think [slower detached sales] have been in the making for awhile, detached sales have been trending downwards since 2016,\u201d Saretsky tells Livabl.<\/p>\n<p style=\"text-align: justify;\">In a recent blog post, Saretsky writes that labelling Vancouver\u2019s recent home sales as weak might be an understatement.<\/p>\n<p style=\"text-align: justify;\">He argues home sellers are confused about \u201cwhen this storm will pass\u201d and says many sellers have chosen to take their homes off the market and will try listing them again at a later date.<\/p>\n<p style=\"text-align: justify;\">\u201cI think a lot of sellers, buyers and even realtors are having a tough time trying to figure out where to price things because the market is changing pretty quickly,\u201d says Saretsky.<\/p>\n<p style=\"text-align: justify;\">Along with plummeting sales, new listings dropped 29% year-over-year in June \u2014 the lowest total recorded in 13 years.<\/p>\n<p style=\"text-align: justify;\">Although new listings declined last month, the city\u2019s detached inventory hit 1,754 units, up 8% compared to a year ago. June\u2019s inventory reached the highest level for the month since June 2012.<\/p>\n<p style=\"text-align: justify;\">As for detached home prices, Saretsky says it was a mixed bag in June as entry-level detached prices continued to fare better than the luxury side of the market.<\/p>\n<p style=\"text-align: justify;\">Last month, the benchmark price of a detached home in Vancouver was $2,330,900, down slightly compared to $2,408,700 a year ago.<\/p>\n<p style=\"text-align: justify;\">Looking ahead, Saretsky predicts that the city\u2019s detached market will continue this sluggish trend for the rest of 2018.<\/p>\n<p style=\"text-align: justify;\">\u201cWe just went through what\u2019s supposed to be the busy season, so I don\u2019t think it\u2019s going to get any better moving forward. BC is going to be implementing the speculation tax this fall and we should have an interest rate hike here next week &#8230;.. I don\u2019t see a turnaround here in the back half of 2018,\u201d says Saretsky.<\/p>\n<p><a href=\"https:\/\/www.livabl.com\/2018\/07\/vancouver-detached-sales-plunge-27-low-6-months-mortgage-rules.html\" target=\"_blank\" rel=\"noopener\">Vancouver Detached Home Sales Plunge to 27-Year Low 6 Months After New Mortgage Rules Kick In<\/a> by Kerrisa Wilson | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It\u2019s been six months since stricter mortgage regulations came into effect and the measures are linked to persistent sales declines in the City of Vancouver\u2019s detached housing market. Last month, &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/07\/vancouver-detached-home-sales-plunge-to-27-year-low-after-new-mortgage-rules\/\">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-9756","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>Vancouver Detached Home Sales Plunge to 27-Year Low After New Mortgage Rules &#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\/07\/vancouver-detached-home-sales-plunge-to-27-year-low-after-new-mortgage-rules\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Vancouver Detached Home Sales Plunge to 27-Year Low After New Mortgage Rules &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"It\u2019s been six months since stricter mortgage regulations came into effect and the measures are linked to persistent sales declines in the City of Vancouver\u2019s detached housing market. 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