{"id":14944,"date":"2016-08-03T11:31:19","date_gmt":"2016-08-03T18:31:19","guid":{"rendered":"https:\/\/www.garbuttdumas.ca\/?p=14944"},"modified":"2016-08-03T11:31:19","modified_gmt":"2016-08-03T18:31:19","slug":"local-housing-market-calms","status":"publish","type":"post","link":"https:\/\/www.garbuttdumas.ca\/2016\/08\/03\/local-housing-market-calms\/","title":{"rendered":"Local housing market calms"},"content":{"rendered":"

Calm seems to be returning to the local housing market.
\nAlthough it\u2019s still too soon to tell if the market has cooled off from its red hot pace through the first six months of the year.
\n

\"James<\/a>
The local housing market was calmer in July than the previous six months of 2016.<\/figcaption><\/figure>
\n 
\nFor the first time since January, fewer than 4,000 homes were sold in July. In fact, the 3,226 sales recorded by the Real Estate Board of Greater Vancouver was 26.7 per cent fewer than the 4,400 sales in June, and nearly 19 per cent less than the 3,978 sales in July, 2015.
\n\u201cAfter several months of record-breaking sales activity, home buyer demand returned to more historically normal levels in July,\u201d said Dan Morrison, the president of the REBGV.
\nThe moderating sales started in late June and carried into July, said Morrison. Still, sales for the month were 6.5 per cent higher than the average for July over the past 10 years.
\n\u201cWe\u2019ll wait and watch over the next few months to see if this marks the return of more normal market trends.\u201d<\/p>\n

Local housing market inventory still tight<\/h4>\n

There\u2019s still not a lot of properties for sale.
\nThe ratio of sales to active listings remains high at 38.6 per cent. Analysts generally believe prices don\u2019t start coming down until that ratio dips below 12 per cent.
\nThe benchmark price for all residential properties in Metro Vancouver is $930,400. That\u2019s 32.6 per cent more than it was last July.
\nThe benchmark price is the price of a typical home in that category.
\nWhile the number of detached properties sold in July was 30.9 per cent less than in July, 2015, their benchmark price increased by 38 per cent to $1,578,300.
\nSales of apartments decreased 7.3 per cent from last July, but their benchmark price increased\u00a0 27.4 per cent to $510,600.
\nAttached property sales decreased 20.7 per cent while their benchmark price increased 29.4 per cent to $669,900.
\nIn New Westminster, the benchmark price for all properties is $529,500. That\u2019s a 29.6 per cent increase over last July. For single family detached homes, the benchmark price is $1,098,400, a 37.4 per cent increase over the past year.
\nClick here<\/a> for all of July’s sales statistics.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Calm seems to be returning to the local housing market. Although it\u2019s still too soon to tell if the market has cooled off from its red…<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"footnotes":""},"categories":[891,892],"tags":[273],"acf":[],"taxonomy_info":{"category":[{"value":891,"label":"Buyers"},{"value":892,"label":"Sellers"}],"post_tag":[{"value":273,"label":"Featured"}]},"featured_image_src_large":false,"author_info":{"display_name":"James Garbutt","author_link":"https:\/\/www.garbuttdumas.ca\/author\/james\/"},"comment_info":0,"category_info":[{"term_id":891,"name":"Buyers","slug":"buyers","term_group":0,"term_taxonomy_id":891,"taxonomy":"category","description":"","parent":0,"count":156,"filter":"raw","cat_ID":891,"category_count":156,"category_description":"","cat_name":"Buyers","category_nicename":"buyers","category_parent":0},{"term_id":892,"name":"Sellers","slug":"sellers","term_group":0,"term_taxonomy_id":892,"taxonomy":"category","description":"","parent":0,"count":115,"filter":"raw","cat_ID":892,"category_count":115,"category_description":"","cat_name":"Sellers","category_nicename":"sellers","category_parent":0}],"tag_info":[{"term_id":273,"name":"Featured","slug":"featured","term_group":0,"term_taxonomy_id":273,"taxonomy":"post_tag","description":"","parent":0,"count":99,"filter":"raw"}],"_links":{"self":[{"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/posts\/14944"}],"collection":[{"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/comments?post=14944"}],"version-history":[{"count":0,"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/posts\/14944\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/media?parent=14944"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/categories?post=14944"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/tags?post=14944"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}