Close X
Wednesday, November 27, 2024
ADVT 
National

Vancouver's March home sales down 42.5%: REBGV

Darpan News Desk IANS, 04 Apr, 2023 09:41 AM
  • Vancouver's March home sales down 42.5%: REBGV

VANCOUVER - The Real Estate Board of Greater Vancouver says home sales fell 42.5 per cent in March from a year ago and were 28.4 per cent below the 10-year seasonal average.

Last month's sales totalled 2,535 compared with 4,405 sales in March 2022 and 1,808 in February.

The B.C. board says the numbers signal that March home sales are making a stronger than expected spring showing so far, despite elevated borrowing costs.

It also found there were 4,317 new listings, a 35.5 per cent decrease from March 2022 and 22.3 per cent below the 10-year seasonal average.

The board says the composite benchmark price for all residential properties in Metro Vancouver reached $1,143,900, a 9.5 per cent decrease from March 2022 and a 1.8 per cent increase compared with February.

The board foresees further price increases as the year progresses.

“On the pricing side, the spring market is already on track to outpace our 2023 forecast, which anticipated modest price increases of about one to two per cent across all product types,” Andrew Lis, the board's director of economics and data analytics said in a press release.

“The surprising part of this recent activity is that these price increases are occurring against a backdrop of elevated borrowing costs, below-average sales, and new listing activity that continues to suggest that sellers are awaiting more favourable market conditions.”

MORE National ARTICLES

Liberals move to create foreign influence registry

Liberals move to create foreign influence registry
The government has been under intense scrutiny in recent weeks over allegations in media reports that they did not act when they were warned China was trying to interfere in the last two federal elections. The reports by Global News and the Globe and Mail newspaper cite unnamed security sources and leaks of highly classified documents.

Liberals move to create foreign influence registry

Joly urges China to include Ukraine in peace talks

Joly urges China to include Ukraine in peace talks
Joly said Canada has been pushing China to expand its talks with Russia to include Ukraine, while South Africa's envoy urged Canada to instead support a settlement to the war. She was speaking at a public discussion on multilateralism with Norwegian Foreign Affairs Minister Anniken Huitfeldt in Ottawa.

Joly urges China to include Ukraine in peace talks

Google will stop blocking news links in Canada

Google will stop blocking news links in Canada
The company has said the test applied to news of all kinds, including content created by Canadian broadcasters and newspapers. The test will end on March 16. 

Google will stop blocking news links in Canada

B.C. to drop COVID-19 vaccine requirement

B.C. to drop COVID-19 vaccine requirement
The province says that from April 3, BC Public Service employees will no longer be required to provide proof of vaccination. It says more than 98 per cent of employees met the requirement.      

B.C. to drop COVID-19 vaccine requirement

Vancouver Police's arrest attempt leaves 25 year old man seriously injured

Vancouver Police's arrest attempt leaves 25 year old man seriously injured
Officers were made aware the man had a BC-wide warrant.  While they attempted to speak to the man in the hallway of the building, witnesses saw him fall from his balcony. The 25-year-old man was taken to hospital with life-threatening injuries.

Vancouver Police's arrest attempt leaves 25 year old man seriously injured

COVID-19 'steady' but not over in Canada, Tam says

COVID-19 'steady' but not over in Canada, Tam says
Tam says population immunity is high due to an overall high vaccine uptake combined with the immunity people got from infection. She says officials are continuing to watch for new strains of the virus that can evade people's immune systems.

COVID-19 'steady' but not over in Canada, Tam says