Money: Metro Vancouver housing sales remain sluggish in May - PressFrom - Canada
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MoneyMetro Vancouver housing sales remain sluggish in May

09:05  05 june  2019
09:05  05 june  2019 Source:   cbc.ca

Canadian House Price Forecast: What The Next 5 Years Will Look Like In 33 Cities

Canadian House Price Forecast: What The Next 5 Years Will Look Like In 33 Cities The latest Canadian house price forecast from Moody’s Analytics really has no good news for anyone. If you’re a homeowner hoping to make big equity gains, forget it. And if you’re an aspiring homebuyer hoping for a reprieve from astronomical urban house prices, forget that too. The forecast calls for house prices nationwide to grow by an average of 2.2 per cent per year over the next five years. Given that the Bank of Canada is predicting inflation at 2 per cent in the coming years, this means that inflation-adjusted house prices will likely see no net growth.

. Vancouver 's median home sale price is (almost four times as much as the U.S.) Roughly 99 per cent of all single detached houses within Vancouver ’s city limits are It's because our Government turned Metro Vancouver ’s. Real estate market into an international housing affordability basket case and a.

VANCOUVER -- Home sales in Metro Vancouver showed some bounce in May , but the Greater Vancouver Real Estate Board says sales remain below Ashley Smith, the board's president blames government policies for continuing sluggish housing sales . "High home prices and mortgage

Metro Vancouver housing sales remain sluggish in May© Rafferty Baker/CBC Housing sales in Greater Vancouver were the lowest for May since the year 2000, according to the Real Estate Board of Greater Vancouver.

Housing sales in Greater Vancouver were 22.9 per cent lower last month than the 10-year average and the lowest for May since 2000, according to a report by Real Estate Board of Greater Vancouver (REBGV) published Tuesday.

The real estate board says a total of 2,638 homes were sold in May 2019, a 6.9 per cent drop from the 2,833 homes sold in May 2018.

However, sales were up 44.2 per cent from the 1,829 homes sold in April.

Metro Vancouver housing sales remain sluggish in May© Sean Kilpatrick/The Canadian Press The Real Estate Board of Greater Vancouver says tougher mortgage rules and a federal stress test are behind reduced demand in the housing market.

Supply the highest since September 2014

The board's report says the supply of residential units in May 2019 was on the highest since September 2014.

Analysis finds Metro Vancouver shed $89B in home equity last year as market slides

Analysis finds Metro Vancouver shed $89B in home equity last year as market slides Home values have slumped as much as 14 per cent in some areas, in the wake of an unprecedented run-up in prices in recent years.

VANCOUVER — Home sales in Metro Vancouver showed some bounce in May , but the Greater Vancouver Real Estate Board says sales remain below Ashley Smith, the board’s president blames government policies for continuing sluggish housing sales . “High home prices and mortgage

Overall, Metro Vancouver is now in a balanced market, with a sales -to-active listings ratio of 16.3 per cent. Detached houses are the only property type to see benchmark prices now standing at lower than West Vancouver and Vancouver West saw the biggest annual detached home price declines

A total of 14,685 homes are currently listed for sale on the MLS database in Metro Vancouver, a 30 per cent jump from the 11,292 homes listed in May 2018.

Condo sales more sluggish than detached homes

Last month, 1,246 condos were sold, a 12.9 per cent decrease from the 1,431 condos sold in May last year, according to the report.

The benchmark price of a Metro Vancouver condo is currently $664,200, a 7.3 per cent decrease from May last year.

The number of detached home sales in May was more positive in comparison, but was still down 1.4 percent from May 2018.

The benchmark price for a detached house in the region is currently $1,421,900, an 11.5 per cent drop from May last year.

REBGV president Ashley Smith says high home prices and mortgage qualification issues caused by the federal government's B20 stress test are significant factors in the decline in sales.

Calgary house prices down 4.3% compared with last year.
House prices in Calgary were down 4.3 per cent in May year over year as the local market remains overstocked, according to the latest statistics from the Canadian Real Estate Association. The MLS home price index benchmark for Calgary sits at $418,300. That's down 7.28 per cent from five years ago, and 4.34 per cent from three years ago, CREA said in its monthly report. The average price for a home sold in May this year in Alberta was $388,568 compared with $394,648 last May. Benchmark prices were also down 3.6 per cent in Edmonton, 3.9 per cent in Regina and 1.3 per cent in Saskatoon, CREA reported.

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