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

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.