No March Madness Repeat in 2012: BC Real Estate Association

Vancouver, BC – April 13, 2012. The British Columbia Real Estate Association (BCREA) reports that the dollar volume of homes sold through Multiple Listing Service® (MLS®) in BC declined 26.5 per cent to $3.8 billion in March compared to the same month last year. A total of 6,882 MLS® residential unit sales were recorded over the same period, a decline of 20 per cent. The average MLS® residential price was $545,959 in March, 8.1 per cent lower than in March 2011.

MLS Home Sales March 2012The spike in consumer demand recorded a year ago was not repeated last month,” said Cameron Muir, BCREA Chief Economist. “A marked increase in high-end home sales a year ago pushed up unit sales and skewed average prices higher, so it’s no surprise to see fewer home sales and lower average prices in March of this year.”

Year-to-date, BC residential sales dollar volume declined 17 per cent to $9.2 billion, compared to the same period last year. Residential unit sales dipped 12.7 per cent to 16,724 units, while the average MLS® residential price edged back 5 per cent to $552,785 over the same period.

The B.C. First-Time New Home Buyers’ Bonus: Information from the B.C. Government

The BC Government recently released the BC First Time New Home Buyers’ Bonus program which would grant first time home buyers up to $10,000 back with the purchase of a new home. The requirements to qualify are below and to view the full PDF click the following link: 2012 First Time Home Buyers Fact Sheet.

You will qualify as a first-time new home buyer if:

– You purchase or build an eligible new home located in B.C.;
– You, or for couples, you and your spouse or common law partner, have never previously owned a primary residence;
– You file a 2011 B.C. resident personal income tax return, or if you move to B.C. after December 31, 2011, you file a 2012 B.C. resident personal income tax return (you will not be eligible for the bonus if you move to B.C. after December 31, 2012);
– You are eligible for the B.C. HST New Housing Rebate; and
– You intend to live in the home as your primary residence.

Home Sales in Interior/North Outpace Province

Vancouver, BC – March 15, 2012. The British Columbia Real Estate Association (BCREA) reports that the dollar volume of homes sold through Multiple Listing Service® (MLS®) in BC declined 9.6 per cent to $3.4 billion in February compared to the same month last year. A total of 5,923 MLS® residential unit sales were recorded over the same period, a decline of 7.6 per cent. The average MLS® residential price was $574,975 in February, 2.1 per cent lower than in February 2011.

Statistics Residential Sales MLS Listings BC“Sales gains in the interior and the north were offset again in February by less robust demand on the south coast,” said Cameron Muir, BCREA Chief Economist. Improving economic conditions in both BC and Alberta are positively influencing consumer demand outside of large urban areas, closing the gap between regional housing markets.”

Year-to-date, BC residential sales dollar volume declined 9.2 per cent to $5.5 billion, compared to the same period last year. Residential unit sales dipped 6.8 per cent to 9,828 units, while the average MLS® residential price edged back 2.5 per cent to $557,732 over the same period.

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