It seems an increase in activity is balancing out the market, and keeping average prices in check.
During March Vancouver Real Estate Statistics for 2013 we saw 2,347 sales on the MLS®. Compared to the same month in 2012, this was a 18.3% decline. Comparing to February of this year, that represents a 30.6% increase.
This March was the second lowest in terms of number of sales since 2001, and the figures show us 30.2% below the 10 year average.
“While home sales were below what’s typical for March, we are seeing more balance between the number of sales and listings on the market in the last two months, which is having a stabilizing impact on home prices,” Sandra Wyant, REBGV president said.
In terms of new listings, we saw 4,839 in the Vancouver area. Year on year this is a 17.2% decline when we compare to March 2012, and a slight increase of 0.1% compared to February this year.
March of this year saw the new listing average sitting 14.4% below the 10 year average.
Total number of properties listed is stiing at 15,460, which represents a 1.5% increase compared to the same month last year, and 4.5% increase compared to February 2013.
Detached Vancouver Properties
Total number of detached sales for Vancouver MLS Listings totalled 933 for March 2013. This is a 21.1% decline when comapred to March 2012 when 1,183 sales were recorded.
The benchmark price decreased from the same time last year to $906,900.
Apartments in Vancouver
During March 2013 we saw 982 apartments sold in the Vancouver area. A 17.5% decline compared to March 2012, when 1,191 properties were sold. When we compare to March 2011 we see a 39.5% decline (1,622 units sold).
Benchmark pricing decreased from the same time last year by 3.3% to $362,100.
Attached property sales
We sold 432 attached properties in Vancouver during March 2013. Again registering a decline year on year of 13.6% when compared to the 500 units sold in March 2013. When we compare back even further to March 2011, we see a decline of 34.8% (1,622 sales that month).
Benchmark pricing decreased 2.5% from the same month last year, and is sitting at $454,300.
Return to GST in BC
Important to remember that we have reverted to old system of GST and PST as of April 1st. With regards to Real Estate in BC we need to be aware of the following:
- Sales taxes on a new home are now subject to GST and a 2% BC Transition Tax, which brings the total to 7%.
- HST on Real Estate Commissions has been reduced to 5% from April 1st.
If you have any questions, feel free to give me a call anytime! Adam Chahl +1 778 385 6141