VANCOUVER, B.C. – April 3, 2013 – Lower levels of both supply and demand in recent months are holding home prices in check in the Greater Vancouver housing market.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,347 on the Multiple Listing Service® (MLS®) in March 2013. This represents an 18.3 percent decrease compared to the 2,874 sales recorded in March 2012, and a 30.6 percent increase compared to the 1,797 sales in February 2013.
Last month’s sales were the second lowest March total in the region since 2001 and 30.2 percent below the 10-year sales average for the month.
“While home sales were below what’s typical for March, we are seeing more balance between the number of sales and listings on the market in the last two months, which is having a stabilizing impact on home prices,” Sandra Wyant, REBGV president said.
The sales-to-active-listings ratio currently sits at 15.2 percent in Greater Vancouver, a three percent increase from last month. This is the first time this ratio has been above 15 percent since May 2012.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,839 in March. This represents a 17.2 percent decline compared to the 5,843 new listings reported in March 2012 and a 0.1 percent increase from the 4,833 new listings in February of this year. Last month’s new listing count was 14.4 percent below the region’s 10-year new listing average for the month.
The total number of properties currently listed for sale on the MLS® in Greater Vancouver is 15,460, a 1.5 percent increase compared to March 2012 and a 4.5 percent increase compared to February 2013.
The MLS® Home Price Index composite benchmark price for all residential properties in Greater Vancouver is currently $593,100. This represents a decline of 3.9 percent compared to this time last year and an increase of 0.9 percent compared to January 2013.
Sales of detached properties reached 933 in March 2013, a decrease of 21.1 percent from the 1,183 detached sales recorded in March 2012, and a 48 percent decrease from the 1,795 units sold in March 2011. The benchmark price for detached properties decreased 5 percent from March 2012 to $906,900.
Sales of apartment properties reached 982 in March 2013, a decline of 17.5 percent compared to the 1,191 sales in March 2012, and a decrease of 39.5 percent compared to the 1,622 sales in March 2011. The benchmark price of an apartment property decreased 3.3 percent from March 2012 to $362,100.
Attached property sales in March 2013 totalled 432, a decline of 13.6 percent compared to the 500 sales in March 2012, and a 34.8 percent decrease from the 663 attached properties sold in March 2011. The benchmark price of an attached unit decreased 2.5 percent between March 2012 and 2013 to $454,300.
April 1 marked the return of the GST and PST tax structure in the province. From a real estate perspective, it’s important to remember that:
• sales tax on a new home is reduced to 5 percent GST plus 2 percent BC Transition Tax
(total 7 per cent) from 12 percent under the HST; and
• tax on real estate commissions has been reduced to 5 percent from 12 percent under the
These reduced tax rates apply to transactions payable on or after April 1.