Money Increase in new home prices reaches 7-year high in Metro Vancouver

01:23  13 august  2017
01:23  13 august  2017 Source:   cbc.ca

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New numbers from Statistics Canada show 6.2 per cent increase in new house and townhouse prices from 2016. Special weather statement warns of high heat on parts of Vancouver Island. July 31, 2017.

StatsCan numbers show 6.2% increase in price of new houses and townhomes. Despite efforts by government and regulators to curb Metro Vancouver 's hot housing market, new home prices have continued to climb in the past year .

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Despite efforts by government and regulators to curb Metro Vancouver's hot housing market, new home prices have continued to climb in the past year.

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The MLS® Home Price Index composite benchmark price for all residential properties in Metro An increase in home buyer demand put Greater Vancouver in the upper reaches of a balanced real Last month’s new listing count was 1.2 per cent higher than the region’s 10- year new listing average

Housing price growth will remain elevated as high levels of demand among south coast markets will run up against low levels of existing and new home inventory, particularly in Metro Vancouver , while the northern markets will stabilize later in the.

Recently released data from Statistics Canada shows the overall price of brand new houses and townhomes in the region has soared 6.2 per cent in the 12 months since June 2016.

"Last time [the new house price index] grew larger than 6.2 per cent was in June of 2010," said analyst Rohit Verma, adding prices rose 6.7 per cent.

The agency has numbers dating back to 1981.

Verma says the information is gathered through a monthly survey of home builders and their contractors, excluding new condominiums.

Across the country in the month of June, Metro Vancouver saw the greatest gain at 1.5 per cent overall. Ottawa-Gatineau, Ont. followed at 0.9 per cent.

Verma says the main reason cited for the increase was "improving market conditions." 

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Increase in new home prices reaches 7 - year high in Metro Vancouver . B.C. government removes majority of board overseeing Port Mann Bridge. Workers at River Rock Casino vote to strike.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently ,019,400. This represents an 8. 7 per cent increase over July 2016 and a 2.1 per cent increase compared to June 2017. Sales of detached properties in July 2017 reached 949

Cooling a hot market

It's more evidence of the resiliency of the region's real estate market, despite government efforts at all levels to temper prices.

Last August, the previous Liberal government introduced a 15 per cent tax on foreign home buyers in Metro Vancouver.

Two months later, mortgage rules were tightened across Canada.

Home buyers applying for mortgages with less than a 20 per cent downpayment had to undergo a "stress test" to determine if they could afford to pay back a loan if interest rates rose.

And rates did rise.

Last month, the Bank of Canada raised its key interest rate by 0.25 percentage points — the first time it had increased it since 2010.

All of that hasn't stopped the market from climbing or put affordable homes within the reach of most people.

Sales in July were 0.7 per cent above the 10-year sales average for the month, according to the BC. Real Estate Association.

Vancouver real estate market unfazed by foreign buyers' tax one year later

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Increase in new home prices reaches 7 - year high in Metro Vancouver . B.C. government removes majority of board overseeing Port Mann Bridge. Workers at River Rock Casino vote to strike. Several new evacuation orders issued in Cariboo region.

5 of this year. It'll certainly be lifted earlier if conditions allow, but that totally depends on what we see in fire activity," said Skrepnek. Latest British Columbia News. Increase in new home prices reaches 7 - year high in Metro Vancouver .

The Multiple Listing Service Home Price Index composite benchmark price for all residential properties in Metro Vancouver is $1,019,400 — an 8.7 per cent increase compared to July 2016

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Source: http://ca.pressfrom.com/news/money/-40089-increase-in-new-home-prices-reaches-7-year-high-in-metro-vancouver/

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