In January this year, there were a total of 5,306 homes sold in the whole province of B.C., a 7.5% decrease from a month earlier in December, when 5,738 homes were sold.
In Metro Vancouver, a total of 1,846 homes were sold in January, compared to 2,069 which were sold in December - almost a 11% decrease.
Does it appear that the new mortgage rules are effecting Metro Vancouver more so than the rest of the provinice?
How about prices? While the average price of a home in Metro Vancouver is still over a million dollars, it dropped to $1,036,968 in January, from $1,049,424 in December - a 1% drop in the very first month of these new rules. Coincidence?
Is this the beginning of a trend? Are the new borrowing rules going to have a lasting effect of Metro Vancouver home prices?