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GST and PST tax structure in the province. Sales tax on a new home is reduced to 5 per cent GST plus 2 per cent BC Transition Tax (total 7 per cent) from 12 per cent under the HST

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Residential property sales in March 2013 represented an 18.3 per cent decrease compared to the sales recorded in March 2012 and a 30.6 per cent increase compared to the 1,797 sales in February 2013.

 

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.

 

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VANCOUVER, B.C. – July 4, 2012 – The number of residential property sales hit a 10-year low in Greater Vancouver for June, while prices remained relatively stable.

 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached,

attached and apartment properties reached 2,362 in June, a 27.6 per cent decline compared to the 3,262 sales in June 2011 and a 17.2 per cent decline compared to the 2,853 sales in May 2012.

 

June sales were the lowest total for the month in the region since 2000 and 32.2 per cent below the 10-year June sales average of 3,484.

 

“Overall conditions have trended in favour of buyers in our marketplace in recent months,”.  “This means buyers are facing less competition and have more selection to choose from compared to earlier in the year.”

 

The MLSLink® Housing Price Index (HPI) composite benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 1.7% and declined 0.7% compared to last month.

Sales of detached properties on the MLS® in June 2012 reached 921, a decrease of 37.4 per cent from the 1,471 detached sales recorded in June 2011, and a 19.1 per cent decrease from the 1,139 units sold in June 2010. The benchmark price for detached properties increased 3.3 per cent from June 2011 to $961,600.

 

Sales of apartment properties reached 1,026 in June 2012, a 19 per cent decrease compared to the 1,266 sales in June 2011, and a decrease of 18.4 per cent compared to the 1,258 sales in June 2010. The benchmark price of an apartment property increased 0.3 per cent from June 2011 to $376,200.

 

Attached property sales in June 2012 totalled 415, a 21 per cent decrease compared to the 525 sales in June 2011, and a 27.8 per cent decrease from the 575 attached properties sold in June 2010. The benchmark price of an attached unit decreased 0.1 per cent between June 2011 and 2012 to $468,400

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Greater Vancouver Resale Market Will Remain Balanced

Existing home sales are expected to increase moderately in 2012, reflecting steady employment and population growth. With the first quarter of 2011 one of the strongest first quarters on record, MLS® sales have been moving lower since March of this year. Resales are expected to remain relatively flat until later in 2012. On an annual basis, MLS® sales are forecast to increase six per cent, to 33,000 transactions this year and a further nine per cent in 2012, to 36,000 MLS® sales.

Demand and supply in the resale market are expected to remain
balanced until later in 2012. This will be reflected in the sales to new listings ratio, a barometer of supply and demand conditions.

Under these conditions, prices generally rise at near the rate of
inflation, home buyers have an ample choice of listings and home sellers can expect more price competition. With existing home sales moving lower and new MLS® listings trending flat since
March of this year, most markets in Greater Vancouver have moved to more balanced territory.

As home buyers and sellers adjust to more balanced resale market. Conditions during the remainder of this year and into 2012, there will be less upward pressure on prices for all home types. Single detached house prices moved lower during the third
quarter, reflecting a downtrend in sales and an ample supply of listings.
However, strong growth in single detached resale home prices during the first part of the year in some areas of Greater Vancouver will increase the average MLS® price (for all home
types combined) by 17 per cent in 2011, to $788,000.
For 2012, it is expected that growth in single detached house   prices will be more moderate and move more in line with multi-family (town home and apartment) home price growth. The divergence in the pace of growth which began in mid-2010 will continue to gradually narrow. The average resale price is projected to increase two per cent in 2012, to $805,000.

 

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Greater Vancouver House Market
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