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

Window platform stuck on Vancouver highrise

Window platform stuck on Vancouver highrise
Several fire trucks snarled Georgia Street's eastbound lanes near the main library as firefighters worked to free the pair, who had been replacing glass on the Deloitte Summit tower when the platform refused to move Thursday morning.

Window platform stuck on Vancouver highrise

Court approves $2.8B class-action settlement

Court approves $2.8B class-action settlement
A Federal Court judge has approved a $2.8 billion settlement agreement between the Canadian government and plaintiffs representing 325 First Nations whose members went to residential day schools. Those members were ineligible for the 2006 settlement reached between Canada and full-time students at the schools.

Court approves $2.8B class-action settlement

New Westminster Police looking for suspect in bear spray assault

New Westminster Police looking for suspect in bear spray assault
Police searched the area for someone matching the suspect description, and provided aid to the victim. Despite searches of the surrounding area, no one matching the suspect description could be found.

New Westminster Police looking for suspect in bear spray assault

Ottawa to fast-track weapon purchases: Anand

Ottawa to fast-track weapon purchases: Anand
Anand announced the plan Thursday at the Conference of Defence Associations Institute, one of Canada's largest defence conferences, saying the new weapons are needed now for Canadian troops in Latvia and other parts of Europe.    

Ottawa to fast-track weapon purchases: Anand

COVID-19 impact on mental health limited: study

COVID-19 impact on mental health limited: study
Senior author Dr. Brett Thombs, a researcher at McGill University, said that coverage of the pandemic has mostly focused on snapshots of people whose mental health has deteriorated and people have generalized that to the overall population.

COVID-19 impact on mental health limited: study

Mary Ellen Turpel-Lafond stripped of B.C. award

Mary Ellen Turpel-Lafond stripped of B.C. award
The association says board members believed Turpel-Lafond's representations about her professional accomplishments and Cree heritage when it granted the award recognizing substantial contributions to civil liberties in B.C. and Canada.

Mary Ellen Turpel-Lafond stripped of B.C. award