Market Update March 2013

(April 03, 2013 )

Home sale activity improves but remains below historical averages


Lower levels of both supply and demand in recent months are holding home prices in check in the Greater Vancouver housing market.  This represents an 18.3% decrease in sales recorded March of 2012 however it is a 30.6% increase compared to sales in February 2013.

March sales were the second lowest March total in Greater Vancouver since 2001, 30.2% below the 10yr 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.

The sales-to active-listings ratio currently sits at 15.2% - this is an increase of 3% over last month.  This is the first time the ratio has been above 15% since May 2012.

New listings for detached, attached and apartments properties in Greater Vancouver are down 17.2% compared to March 2012. 

April 1st marked the return of the GST & PST tax structure in the province.  From a real estate perspective it's important to remember that:

  1. sales tax on a new home is reduced to 5% GST plus 2% BC Transition Tax a total of 7% from the previous 12% under the HST.
  2. tax on realestate commissions has been reduced to 5% from the previous 12% under the HST.

These reduced tax rates apply to transactions payable on or after April 1st 2013.
NORTH VANCOUVER STATS:

Detached Benchmark Price $936,100
1yr change -2.4%
3yr change+5.1%
5yr change+4.6%

Townhomes Benchmark Price $582,100
1yr change-3.5%
3yr change-0.5%
5yr change-0.2%

Apartment Benchmark Price $342,800
1yr change-0.8%
3yr change-1.2%
5yr change-4.2%

WEST VANCOUVER STATS:

Detached Benchmark Price $1.810,700
1yr change-4.9%
3yr change+20.4%
5yr change+13.3%

Apartment Benchmark Price$612,400
1yr change-0.1%
3yr change-5.0%
5yr change-10.1%