Close X
Friday, November 1, 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

Historic transportation investment for Surrey

Historic transportation investment for Surrey
Surrey has approved what city council is calling its biggest municipal transportation investment in history. The council has approved a 138-million-dollar extension of 72 Avenue from 152 Street to Highway 15, a roughly 4-kilometre stretch.

Historic transportation investment for Surrey

Poll: Canadians unsure online harms bill will make social media safer

Poll: Canadians unsure online harms bill will make social media safer
Fewer than half of Canadians believe the federal government's plan to regulate social media sites will make platforms safer, a new survey suggests. Polling firm Leger recently asked Canadians about the Liberal government's proposed Online Harms Act, which contains a suite of measures meant to make social media platforms safer, particularly for children.

Poll: Canadians unsure online harms bill will make social media safer

6 people arrested in Port Hardy drug bust

6 people arrested in Port Hardy drug bust
Police in Port Hardy say they've arrested six people in a drug investigation after seizing guns, and suspected fentanyl and cocaine, after executing a pair of search warrants over the weekend. Port Hardy R-C-M-P say there's been a recent uptick in overdose deaths in the north island community. 

6 people arrested in Port Hardy drug bust

Second degree murder charge for Surrey man

Second degree murder charge for Surrey man
Police in Surrey say a 38-year-old man has been charged with second-degree murder, 18 months after the shooting death of 37-year-old Troy Michael Regnier.  Surrey R-C-M-P say the B-C Prosecution Service has charged Justin Bos in Regnier's death.  

Second degree murder charge for Surrey man

Ceasefire needed in Gaza as civilian casualties mount, Manitoba premier says

Ceasefire needed in Gaza as civilian casualties mount, Manitoba premier says
Manitoba Premier Wab Kinew is asking the federal government to call for an immediate ceasefire in the Israel-Hamas war. Kinew says Israel has the right to exist, and Hamas must be destroyed, but the growing destruction and famine in civilian areas must stop.

Ceasefire needed in Gaza as civilian casualties mount, Manitoba premier says

Pedestrian hit in Abbotsford

Pedestrian hit in Abbotsford
Police say a 52-year-old woman has suffered serious injuries after being hit by a vehicle at an Abbotsford intersection. Abbotsford police say the woman was taken to hospital after the collision, but no updates on her condition have been given.

Pedestrian hit in Abbotsford