Tuesday , December 1 2020

Vancouver house price falls most of 2008, extending decline

housing prices in Vancouver fell 1.9 percent in November compared with the previous month, the most in ten years, extending a recent run of downgrades for Canada's most expensive real estate market.

These figures show the dynamics at the beginning of this year may have been a resurgence as consumers adjust to tighter federal rules of mortgage qualifications. After recovering to record declined for six consecutive months in May, the price across the country, the Canadian Real Estate Association said on Monday, and is hovering at a level little changed since mid-2017, when interest rates began to rise.

"The decline of homeownership affordability caused by this year's new mortgage stress test is very much in evidence," said Gregory Klump, chief economist at CREA. "While the national home sales were intended for recovery as a result of a large fall in activity at the beginning of this year in connection with the introduction of stress tests, the rebound seems to run its course."

From a year earlier, prices fell 1.4 percent to $ 1.04 million reported CREA. This was the first year over year decline in five years, and it slowed nationwide rise in prices by 2 percent. Toronto Reference prices advanced 2.7 percent.

The Nationwide, home resales fell 2.3 percent in November compared with the previous month, the most since April and up 13 percent from a year earlier.

Realtor Group today also predicts a & # 39; sales will fall to 0.5 percent next year. This compares with a forecast in September that sales will increase by 2.1 percent.

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