Are house prices trending downward?

In January this year, there were a total of 5,306 homes sold in the whole province of B.C., a 7.5% decrease from a month earlier in December, when 5,738 homes were sold.

In Metro Vancouver, a  total of 1,846 homes were sold in January, compared to 2,069 which were sold in December - almost a 11% decrease. 

Does it appear that the new mortgage rules are effecting Metro Vancouver more so than the rest of the provinice? 

How about prices? While the average price of a home in Metro Vancouver is still over a million dollars, it dropped to $1,036,968  in January, from $1,049,424 in December - a 1% drop in the very first month of these new rules. Coincidence?

Is this the beginning of a trend? Are the new borrowing rules going to have a lasting effect of Metro Vancouver home prices?

null

Comments:
No comments

Post Your Comment:

The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.