Langley editorial: Should the real estate sector be regulated?

Did you sell in time?

The real estate madness of recent years seems to have cooled.

Sure, it was a financial boon for most sellers but unless a homeowner was downsizing or leaving the Lower Mainland, buying was also exponentially more expensive.

The current benchmark price for a detached home is $1,579,400.

The benchmark price of an apartment property (condo) is $511,800, but that’s still 23.5 per cent higher than the price was in September 2015.

The provincial government’s 15-per-cent foreign buyer tax seems to have been the cold shower many people were calling for.

Now the initial numbers are in from the Real Estate Board of Greater Vancouver (REBGV). Metro Vancouver home sales dipped below the 10-year monthly sales average last month. This is the first time in the region since May 2014.

Metro Vancouver home sales totalled 2,253 in September 2016, which is a decrease of 32.6 per cent from the 3,345 sales in September 2015 and a decrease of 9.5 per cent compared to the 2,489 homes sold in August 2016.

This wasn’t a burst bubble or Depression-like collapse. Last month’s sales were 9.6 per cent below the 10-year sales average for the month.

Now the federal government has brought in tighter rules to ensure people don’t take on mortgages that are too big for them to afford.

The choice is between government oversight and regulating the market, which tends to keep prices in check or a more free market approach that allows for more illicit activity and results in wild price fluctuations. The side a person tends to favour typically depends on whether they are buying or selling.

– H.C.

Just Posted

COMMUTER ALERT: Serious pedestrian crash closes Pacific Highway

Traffic along 176th Street, 4th to 8th Avenue, is blocked while Mounties continue to investigate.

Giants owner Ron Toigo to get BC Sports Hall of Fame W.A.C. Bennett Award

Head of Langley-based hockey team to be honoured at May induction gala

UPDATED: Touching note left on Langley veteran’s windshield

A veteran hopes the writers of a note know how much he was touched by their kind words. They do.

VIDEO: Young Langley boy uses his grief to help other kids suffering loss

Thursday Langley Hospice hosts its Paint the Town Blue campaign to spotlight child bereavement.

LETTER: Canada should not be selling weapons abroad

A Langley man is critical of Canada for selling arms that are being used to kill civilians.

People flocking to Vancouver Island city to see hundreds of sea lions

Each year the combination of Steller and California sea lions take over Cowichan Bay

Protesters confront Environment Minister in B.C.

Protesters wanting more for killer whales confront Catherine McKenna

Humans reshaping evolutionary history of species around the globe: paper

University of British Columbia researcher had the paper published in the Proceedings of the Royal Society

Toronto ‘carding’ activist Desmond Cole stopped by police in Vancouver

Cole says his experience reveals what daily life is like for black and Indigenous residents

Tubing, skating, light display part of new winter festival in Vancouver

Set to open Nov. 23, the six-week festival will take over Vancouver’s Concord Pacific Centre

Commercial trucks banned from left lane of Coquihalla

B.C.’s Ministry of Transportation has introduced a new program that hopes to prevent accidents and closures on the Coquihalla Highway.

B.C. on track to record same number of overdose deaths as last year

128 people died of overdoses in September, bringing the total to more than 1,100 so far in 2018

B.C. firefighters rescue horse stuck in mud

‘It happens more often than you’d think,’ says deputy chief

Regulatory confusion over ‘toxic’ stink near Abbotsford school

Officials sniffing out which regulators responsible for enforcing compliance at neighbouring property

Most Read