Close X
Thursday, October 31, 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

Bleak outlook for the housing market

Bleak outlook for the housing market
Economists say it could take months before consumers regain confidence and create a rebound in Canada's housing market, but a pent-up demand remains in places like BC. TD Bank economist Rishi Sondhi says the Canadian housing market is akin to a coiled spring, and significant demand in B-C and Ontario could be sparked by activities such as an interest-rate cut.

Bleak outlook for the housing market

Rain and snow warnings for BC

Rain and snow warnings for BC
Environment Canada has issued rain and snow warnings for parts of southwestern B-C as a moist Pacific frontal system moves into the region. The weather agency says North Vancouver and West Vancouver may see as much as 50 millimetres of rain in the next 24 hours, leading to possible washouts near rivers and creeks.

Rain and snow warnings for BC

Deportation hearing set for truck driver in deadly Saskatchewan hockey team bus crash

Deportation hearing set for truck driver in deadly Saskatchewan hockey team bus crash
A deportation hearing for the truck driver who caused the deadly Humboldt Broncos bus crash six years ago has been scheduled for next month.  Lawyer Michael Greene said Monday the hearing for his client Jaskirat Singh Sidhu is to be held May 24.

Deportation hearing set for truck driver in deadly Saskatchewan hockey team bus crash

Father says 11-year-old boy felt safe with dogs before deadly attack in Edmonton home

Father says 11-year-old boy felt safe with dogs before deadly attack in Edmonton home
The father of an 11-year-old boy killed in a dog attack in an Edmonton home says he never saw the two animals act aggressively towards people and saw no sign he should be worried. Wesley Grist told reporters Sunday his son, Kache Grist, was comfortable with the pets and had often cuddled with them on the couch.   

Father says 11-year-old boy felt safe with dogs before deadly attack in Edmonton home

Canada to seek to join AUKUS alliance, consider nuclear subs: Trudeau

Canada to seek to join AUKUS alliance, consider nuclear subs: Trudeau
Prime Minister Justin Trudeau says Canada is exploring the possibility of joining the second phase of AUKUS, a U.S.-led alliance with the United Kingdom and Australia.   The initial pillar of the alliance, forged in 2021, was focused on developing nuclear-powered submarines for Australia.

Canada to seek to join AUKUS alliance, consider nuclear subs: Trudeau

Delta lumber mill catches fire

Delta lumber mill catches fire
Firefighters in Delta, south of Vancouver, spent yesterday getting flames under control at a lumber mill along the Fraser River. Delta Fire Deputy Chief Dave Ayton says crews got the call at around 1 a-m yesterday and arrived to find a pile of stacked lumber on fire.

Delta lumber mill catches fire