Benchmark price for Vancouver condos reaches $682,800

Posted by Michael La Prairie on Friday, March 2nd, 2018 at 1:15pm.

VANCOUVER -- Home sales in Metro Vancouver fell more than 14 per cent below the 10-year average in February as buyers contended with stricter mortgage rules and higher interest rates, according to statistics released Thursday.

The Real Estate Board of Greater Vancouver's data showed that 2,207 homes sold last month. That's down nine per cent from the same time last year and 14.4 per cent from the 10-year February average.

Prive Vancouver condos

Detached homes experienced the biggest drop, down 39.4 per cent compared to the average. Townhomes fell 6.8 per cent, while condos rose 5.5 per cent.

"Rising interest rates and stricter mortgage requirements have reduced home buyers' purchasing power, particularly for those at the entry level of our market," Jill Oudil, president of the Real Estate Board of Greater Vancouver, said in a statement.

Continue reading at Bc CTV News

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