As the weather warms up, industry experts agree that home sales and prices will continue cooling in Metro Vancouver as the market adjusts to stricter mortgage regulations and new BC housing policies.
“It’s a lot for the market to adjust to and it could take a little bit longer for the market to adjust to those measures.”
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Since February, year-over-year home sales have been declining in Metro Vancouver. In April, a total of 2,579 homes changed hands in the region, down 27 per cent from the 3,553 sales recorded in April 2017, according to the latest data from the Real Estate Board of Greater Vancouver (REBGV).
A drop in activity is attributed to a combination of factors, including a new stress test implemented by the Office of the Superintendent of Financial Institutions (OSFI) on January 1, rising interest rates and new provincial housing policies announced in February.