\u201cUntil more entry level, or missing middle, homes are available for sale in our market, we\u2019ll likely continue to see prices increase,\u201d Oudil said. \u201cThere\u2019s been record building this past year, but much of that inventory isn\u2019t ready to hit the market.\u201d<\/p>\n
The Vancouver market has seen sales decline steadily since the province announced an additional 15 per cent tax on foreign buyers effective Aug. 2, 2016. Ontario followed with its own 15 per cent on foreign buyers, calling it a non-resident tax and extending it to the entire Greater Golden Horseshoe which affects a population of about nine million people in southern Ontario.<\/p>\n
Doug Porter, the chief economist with Bank of Montreal, said the evidence is clear that the tax in British Columbia did cool Vancouver\u2019s single detached home market. \u201cVancouver was as hot as a fire cracker in 2016,\u201d said Porter. \u201cIt looks the shock of the tax is wearing off. But who knows where prices would have been absent the tax?\u201d<\/p>\n April new listings for detached, attached and apartment properties in Metro Vancouver totalled 4,907, a 19.9 per cent decrease from a year ago but a three per cent increase from March.<\/p>\n The total number of residential properties currently listed for sale in the region were 7,813 in April, a 3.5 per cent increase from a year ago and three per cent bump from a year ago.<\/p>\n \u201cIt\u2019s worth pointing out that according to the realtors each (segment) of the market is a seller\u2019s market still,\u201d said Porter, referring to detached, condominium and townhomes.<\/p>\n The sales-to-active listings ratio for April 2017 was 45.5 per cent for all property types, two per cent below March 2017.<\/p>\n \u201cGenerally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months,\u201d said the REBGV.<\/p>\n By property type, the sales-to-active listings ratio was 26 per cent for detached homes, 58.2 per cent for townhomes, and 82.2 per cent for condominiums.<\/p>\n Sales of detached properties dropped 38.8 per cent from a year ago to 1,979 last month. The benchmark price for detached properties was $1,516,500, an 8.1 per cent increase from a year ago and a 1.8 per cent from March 2017.<\/p>\n Sales of apartment, or condominium, properties dropped 18.3 per cent from a year ago to 1,722 while the benchmark price of $554,100 was up 16.6 per cent from a year ago and 3.1 per cent from March.<\/p>\n Attached, or townhome, property sales fell 10.8 per cent in April from a year ago while the benchmark price was $701,800, a 15.3 per cent increase from a year ago and a 2.4 per cent from March.<\/p>\n Toronto numbers are due Wednesday, the first reporting period since it brought in its tax, but Porter doesn\u2019t think Canada\u2019s largest city will have the same reaction.<\/p>\n \u201cI would suggest the tax was a shock in B.C.. I don\u2019t think it was shock in Ontario, there was plenty of warning and hints (it was coming),\u201d said Porter.<\/p>\n Source: Financial Post &\u00a0Garry Marr<\/a><\/span> | May 2, 2017 4:31 PM ET<\/span> Prices in Canada\u2019s most expensive city for existing homes appear to have rebounded from the impact of a tax on foreign buyers as Vancouver realtors reported Tuesday a huge swing … [read more<\/a>]<\/p>\n","protected":false},"author":2,"featured_media":152,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[18],"tags":[93],"_links":{"self":[{"href":"https:\/\/www.joshmulherin.com\/blog\/wp-json\/wp\/v2\/posts\/277"}],"collection":[{"href":"https:\/\/www.joshmulherin.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.joshmulherin.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.joshmulherin.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.joshmulherin.com\/blog\/wp-json\/wp\/v2\/comments?post=277"}],"version-history":[{"count":1,"href":"https:\/\/www.joshmulherin.com\/blog\/wp-json\/wp\/v2\/posts\/277\/revisions"}],"predecessor-version":[{"id":279,"href":"https:\/\/www.joshmulherin.com\/blog\/wp-json\/wp\/v2\/posts\/277\/revisions\/279"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.joshmulherin.com\/blog\/wp-json\/wp\/v2\/media\/152"}],"wp:attachment":[{"href":"https:\/\/www.joshmulherin.com\/blog\/wp-json\/wp\/v2\/media?parent=277"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.joshmulherin.com\/blog\/wp-json\/wp\/v2\/categories?post=277"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.joshmulherin.com\/blog\/wp-json\/wp\/v2\/tags?post=277"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"\"](\"http:\/\/wpmedia.business.financialpost.com\/2017\/05\/fp0502_vancouver_average_price.png\")
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