Overall Sales Dip Below Ten Year Average for February
Last months’ overall sales were 14.4 percent below the ten year average. Detached (single houses) took the biggest hit with a 39.4 percent decrease over the same period. Attached sales (town homes) were down 6.8 percent but apartment sales continue to buck the recent trend by coming in at 5.5 percent above the ten year average.
Rising interest rates and tighter lending policies have contributed to the slow down and have added more pressure on more affordable housing. This is making it even harder for first time home buyers to enter the market. The effect of the recent real estate related tax changes announced by the BC government will also become apparent over the coming months.
The detached market is entering buyers’ market territory in most areas with a new listings to sales ratio of 13 percent. Townhomes at 37.6 percent and Condos at 59.7 percent are still in sellers’ market territory. A balanced market ratio is considered to be around 15 percent.
The overall benchmark price average for all residential properties is up 16.9 percent from a year ago.
If you require more detailed information on your sub area of choice or have any real estate questions, feel free to contact me.