{"id":15132,"date":"2016-09-02T11:44:57","date_gmt":"2016-09-02T18:44:57","guid":{"rendered":"https:\/\/www.garbuttdumas.ca\/?p=15132"},"modified":"2016-09-02T11:44:57","modified_gmt":"2016-09-02T18:44:57","slug":"residential-property-sales-in-august","status":"publish","type":"post","link":"https:\/\/www.garbuttdumas.ca\/2016\/09\/02\/residential-property-sales-in-august\/","title":{"rendered":"Residential property sales in August fall, prices don't"},"content":{"rendered":"

Residential property sales in August fell in Metro Vancouver. But the sky didn\u2019t.
\nIn the first full month since the BC government implemented its new 15 per cent tax<\/a> on foreign nationals buying property in Metro Vancouver, residential sales slipped 22.8 per cent from July.
\nBut it\u2019s still too soon to tell how much of the decline in residential property sales is due to foreign buyers<\/a> avoiding the tax. August is typically one of the slowest months of the year because so many people are out of town on vacations and families are getting ready to send their kids back to school.
\nWe\u2019re only 30 days into the new tax and there\u2019s not enough data yet to accurately say what it\u2019s going to do to the local residential property sales.
\nDan Morrison, the president of the Real Estate Board of Greater Vancouver, said the biggest effect of the tax so far has been to create an air of uncertainty as buyers and sellers wait to see how it will play out.
\n\u201cWe\u2019ll be interested to see the government\u2019s next round of foreign buyer data,\u201d said Morrison.
\nIn July the government released its first survey of home sales to determine the impact of foreign buyers on prices. It said only 5.1 per cent of all home sales in Metro Vancouver from June 10-29 were to foreign nationals. The government has yet to release more current statistics.<\/p>\n

Residential property sales in August\u00a0below 10-year average<\/h4>\n

The 2,489 residential properties sold in Metro Vancouver last month is 26 per cent less than the 3,362 sales in August 2015, 10.2 per cent fewer than the year before that, and only one per cent lower than the 2,514 sales in August, 2013.
\nHistorically, the number of sales last month was 3.5 per cent below the average for August over the past 10 years.
\nMorrison said the red-hot property market of earlier this year has been cooling for a while.
\n\u201cSales have been trending downward in Metro Vancouver for a few months.\u201d
\nWhile the volume of sales may have slipped, prices are still robust. The benchmark price for typical residential properties in Metro Vancouver is $933,100. That\u2019s 31.4 per cent more than August 2015, and 4.9 per cent higher over the past three months.
\nAnd the market is still favouring sellers as the ratio of sales to active listings for August was 29.3 per cent. Analysts say prices don\u2019t start falling until that ratio dips below 12 per cent.
\n\u201cWe continue to see an imbalance between supply and demand in most communities,\u201d said Morrison.<\/p>\n

Residential property sales in August still strong for New West condos<\/h4>\n

In New Westminster, the condo market is still really strong. We\u2019re seeing lots of demand and little supply. Many properties are getting multiple offers. The benchmark price for a condo \u00a0in the city was $375,600 in August, 1.9 per cent more than July and a 28.2 per cent increase over the last year. The typical single family detached home in the city sold for $1,104,100, a .5 per cent increase over July and 34.3 per cent more than a year ago.
\n

\"Residential<\/a>
Residential property sales in August may be down across Metro Vancouver, but the condo market is still strong in New Westminster<\/figcaption><\/figure>
\n 
\nIn Burnaby, the market was stronger in the eastern part of the city than the north or south. The benchmark prices for a typical residential property in East Burnaby went up 1.3 per cent over July to $869,500. That\u2019s 27.6 per cent more than August, 2015.
\nIn North Burnaby the composite benchmark price only went up .2 per cent to $780,200; but that\u2019s still 30.3 per cent more than a year ago.
\nAnd in South Burnaby, the composite benchmark price actually fell .2 per cent from July to $867,500; a year ago a typical property in the area cost $654,100.
\nThere\u2019s no doubt residential properties are taking a little longer to sell than they did in the spring. That’s especially true in the higher-end products geared to the luxury and investor markets. And we\u2019re not seeing huge unexpected prices anymore.
\nStrata properties are still hot, and they’re likely to be unaffected by the tax. We achieved some record prices in August on those types of properties in New West, Vancouver and Cloverdale.
\nOnce the shock of the foreign buyers tax wears off, we\u2019re likely to see a very active, balanced market in the fall. Homes with great layouts in good locations will continue to generate high demand and bidding wars. We\u2019ve already got four\u00a0properties listed in\u00a0the first week of September!
\nAugust stats package<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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