Home sale activity improves but
remains below historical averages
Lower levels of both supply and
demand in recent months are holding home prices in check in the Greater
Vancouver housing market.
The Real Estate Board of
Greater Vancouver (REBGV) reports that residential property sales in
Greater Vancouver reached 2,347 on the Multiple Listing Service® (MLS®) in
March 2013. This represents an 18.3 per cent decrease compared to the 2,874
sales recorded in March 2012, and a 30.6 per cent increase compared to the
1,797 sales in February 2013.
Last month’s sales were the
second lowest March total in the region since 2001 and 30.2 per cent below
the 10-year sales average for the month.
“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.
The sales-to-active-listings
ratio currently sits at 15.2 per cent in Greater Vancouver, a three per
cent increase from last month. This is the first time this ratio has been
above 15 per cent since May 2012.
New listings for detached,
attached and apartment properties in Greater Vancouver totalled 4,839 in
March. This represents a 17.2 per cent decline compared to the 5,843 new
listings reported in March 2012 and a 0.1 per cent increase from the 4,833
new listings in February of this year. Last month’s new listing count was
14.4 per cent below the region’s 10-year new listing average for the month.
The total number of properties
currently listed for sale on the MLS® in Greater Vancouver is 15,460, a 1.5
per cent increase compared to March 2012 and a 4.5 per cent increase
compared to February 2013.
The MLS® Home Price Index
composite benchmark price for all residential properties in Greater
Vancouver is currently $593,100. This represents a decline of 3.9 per cent
compared to this time last year and an increase of 0.9 per cent compared to
January 2013.
Sales of detached properties
reached 933 in March 2013, a decrease of 21.1 per cent from the 1,183
detached sales recorded in March 2012, and a 48 per cent decrease from the
1,795 units sold in March 2011. The benchmark price for detached properties
decreased 5 per cent from March 2012 to $906,900.
Sales of apartment properties
reached 982 in March 2013, a decline of 17.5 per cent compared to the 1,191
sales in March 2012, and a decrease of 39.5 per cent compared to the 1,622
sales in March 2011. The benchmark price of an apartment property decreased
3.3 per cent from March 2012 to $362,100.
Attached property sales in March
2013 totalled 432, a decline of 13.6 per cent compared to the 500 sales in
March 2012, and a 34.8 per cent decrease from the 663 attached properties
sold in March 2011. The benchmark price of an attached unit decreased 2.5
per cent between March 2012 and 2013 to $454,300.
April 1 marked the return of the
GST and PST tax structure in the province. From a real estate perspective,
it’s important to remember that:
• sales tax on a new home is reduced to 5 per cent GST plus 2 per cent BC
Transition Tax (total 7 per cent) from 12 per cent under the HST; and
• tax on real estate commissions has been reduced to 5 per cent from 12 per
cent under the HST.
These reduced tax rates apply to
transactions payable on or after April 1.
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