Close X
Thursday, November 28, 2024
ADVT 
National

B.C. home sales slide almost 10 per cent in March despite mortgage rate drop

Darpan News Desk The Canadian Press, 16 Apr, 2024 09:44 AM
  • B.C. home sales slide almost 10 per cent in March despite mortgage rate drop

Home sales in British Columbia fell by almost 10 per cent in March compared with the same period last year, in a slowdown an analyst says could be buyers waiting for lower interest rates.

The B.C. Real Estate Association says the province saw 6,460 residential unit sales in the Multiple Listing Service systems last month, a 9.5-per-cent decline from March 2023.

The overall dollar volume of home sales also fell 3.6 per cent from the same month last year, dipping to $6.6 billion.

Association chief economist Brendon Ogmundson says in a statement that potential homebuyers "appear to be waiting on the Bank of Canada to lower its policy rate."

Ogmundson says March's decline caps off a "slow start" to the first quarter of 2024 despite a "steep" drop in fixed mortgage rates.

The association says the average price of a home in B.C. on MLS did rise by 6.5 per cent from last March, reaching $1.02 million.

Overall, home sales in the province rose by 6.4 per cent in the first three months of this year, reaching almost 16,000 units.

MORE National ARTICLES

Abbotsford's Jaspreet Singh charged with second-degree murder in wife's death

Abbotsford's Jaspreet Singh charged with second-degree murder in wife's death
HIT says in a news release that officers from the Abbotsford Police Department responded to a report of an assault at a home in the city on Friday night. They arrived to find a woman, who has now been identified as 41-year-old Balwinder Kaur, suffering from life-threatening stab wounds inside the home.  

Abbotsford's Jaspreet Singh charged with second-degree murder in wife's death

Will Ottawa meet its fiscal target? Economists split as deficit tracks higher

Will Ottawa meet its fiscal target? Economists split as deficit tracks higher
Finance Minister Chrystia Freeland has pledged that the government will meet its fiscal targets in the upcoming federal budget, but economists say achieving that goal will be challenging as the deficit tracks higher. Amid mounting pressure to rein in spending, the Liberals unveiled new fiscal guardrails in the fall that aim to limit deficits. Among the government's promises was that this year's deficit will not exceed $40.1 billion.

Will Ottawa meet its fiscal target? Economists split as deficit tracks higher

B.C. to kill 25 deer to test for chronic wasting disease in Kootenay region

B.C. to kill 25 deer to test for chronic wasting disease in Kootenay region
The B.C. government says it will cull 25 deer in the Kootenay region to test for chronic wasting disease. The Ministry of Water, Land and Resource Stewardship says two deer in the region tested positive for the disease earlier this year. 

B.C. to kill 25 deer to test for chronic wasting disease in Kootenay region

Surrey mayor taking Province to court over policing

Surrey mayor taking Province to court over policing
Surrey Mayor Brenda Locke says the city's legal team is still preparing for a courtroom showdown with the provincial government over policing in the city, with a court date set for April 29th.  Locke says the city is still in talks with the province, but she says she can't share any inside details about the discussions. 

Surrey mayor taking Province to court over policing

Calm in housing market this spring

Calm in housing market this spring
The B-C Real Estate Association says the province's housing market is staying relatively calm this spring. The association says sales were up more than 15 per cent last month compared to February 2023.

Calm in housing market this spring

B.C. orchards and vineyards to get $70M to replant after disastrous weather

B.C. orchards and vineyards to get $70M to replant after disastrous weather
The British Columbia government says farmers will get an extra $70 million to replant and strengthen fruit orchards and vineyards after two years of weather-related disasters. Premier David Eby says the funding will boost the province's existing $15 million Perennial Crop Renewal Program, launched last spring to help more than 200 farmers replace diseased and unproductive plants.

B.C. orchards and vineyards to get $70M to replant after disastrous weather