VANCOUVER (NEWS1130) – Greater Vancouver home sales plunged in March as prices dipped by a smaller amount.
Sales totalled 2,347 in March, 18.3 per cent below a year earlier and down 30.6 per cent from the previous month.
The Real Estate Board of Greater Vancouver says sales were the second lowest for March since 2001.
Its estimated sale price for a typical property was $593,000, down 3.9 per cent from last year.
REBGV president Sandra Wyant says there is “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.”
She says right now sellers are keen to price their homes so they can attract buyers quickly. “This is not a speculative sellers market. I think buyers need to be very well prepared when they are presenting their offers. They need to have all of their due diligence done. Especially right now because we are hearing that financing is getting to be very stringent with CMHC at the moment. So definitely have the buyers do their pre-approval before they start shopping for a home.”
Sales of detached homes slid 21.1 per cent as the benchmark price dropped 5 per cent to $907,000.
Apartment-style condos were down 3.3% to $362,000 as sales sank 17.5%.