{"id":16673,"date":"2016-11-02T13:13:44","date_gmt":"2016-11-02T20:13:44","guid":{"rendered":"https:\/\/www.garbuttdumas.ca\/?p=16673"},"modified":"2016-11-02T13:13:44","modified_gmt":"2016-11-02T20:13:44","slug":"cooling-housing-market-continues","status":"publish","type":"post","link":"https:\/\/www.garbuttdumas.ca\/2016\/11\/02\/cooling-housing-market-continues\/","title":{"rendered":"Cooling housing market continues"},"content":{"rendered":"

If a cooling housing market was\u00a0the intent of the provincial and federal governments’ recent policy changes, they succeeded.
\nThose changes have made it even more difficult for a real estate market that was already cooling late last spring to recover from its usual summer slowdown.
\nProperty sales in Greater Vancouver in October fell 38.8 per cent from a year ago. The 2,233 total sales was also 15 per cent less than the 10-year average for sales in October.
\nBuyers and sellers are pulling back to see how the foreign buyers tax<\/a>, introduced by the BC government in August, and new mortgage rules<\/a> implemented by the federal government earlier this month, will affect them, said Dan Morrison, the president of the Real Estate Board of Greater Vancouver. \u201cChanging market conditions compounded by a series of government interventions this year have put home buyers and sellers in a holding pattern.\u201d
\nIn fact, new listings were down 17 per cent from September<\/a>, and 9.5 per cent less than the 10-year average for the month.
\nThe slower sales and listings are reflected in a slight moderation in prices. Although overall, it\u2019s still a pretty healthy market, as the ratio of sales to active listings is at 24.4 per cent, well above the 12 per cent ratio most analysts agree tends to signal a downward pressure on prices.
\nThe benchmark price for a typical residential property in Greater Vancouver, including detached homes, condos and townhouses, is $919,300. That\u2019s .8 per cent less than September, but still 24.8 per cent more than a year ago.<\/p>\n

Cooling housing market in New West<\/h4>\n

In New Westminster, the benchmark price of of $526,700 is down 2.5 per cent from September, but up 23.1 per cent from October, 2015.
\nAs in most communities, single-family detached homes in New West took the biggest short-term hit. Their benchmark price of $1,046,000 is down 3.7 per cent from September. But that\u2019s still 24.5 per cent more than it was a year ago.
\nTownhouses slipped 3.5 per cent to a benchmark price of $517,200 that\u2019s 17.5 per cent higher than last year.
\nCondos in New West fell only 1.9 per cent since September. Their benchmark price of $376,800 is 23 per cent higher than October, 2015.<\/p>\n

Not all of Burnaby a cooling housing market<\/h4>\n

\"cooling<\/a>
Townhouses in East Burnaby bucked the cooling housing market and actually went up in price<\/figcaption><\/figure>
\n 
\nWhile areas of Burnaby showed similar declines, there were some positive glimmers.
\nThe benchmark price for a townhouse in East Burnaby actually went up 2.6 per cent over September to $530,300; thta\u2019s 20.5 per cent higher than a year ago. And condos in North Burnaby increased .4 per cent to a benchmark price of $467,600, 26,2 per cent more than last year.
\nThe stats<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

If a cooling housing market was\u00a0the intent of the provincial and federal governments’ recent policy changes, they succeeded. Those changes have made it even more difficult…<\/p>\n","protected":false},"author":3,"featured_media":16674,"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":[1],"tags":[273],"acf":[],"taxonomy_info":{"category":[{"value":1,"label":"General Announcements"}],"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":1,"name":"General Announcements","slug":"general","term_group":0,"term_taxonomy_id":1,"taxonomy":"category","description":"","parent":0,"count":146,"filter":"raw","cat_ID":1,"category_count":146,"category_description":"","cat_name":"General Announcements","category_nicename":"general","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\/16673"}],"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=16673"}],"version-history":[{"count":0,"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/posts\/16673\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/media?parent=16673"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/categories?post=16673"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/tags?post=16673"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}