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March 2013

Found 5 blog entries for March 2013.

Vancouver, BC – March 14, 2013. The British Columbia Real Estate Association (BCREA) reports that a total of 4,501 residential sales were recorded by the Multiple Listing Service® (MLS®) in BC during February, down 23.6 per cent compared to February 2012. Total sales dollar volume was down 29.9 per cent to $2.39 million. The average MLS® residential price in the province was $514,134, up 3.1 per cent from January, but down 8.1 per cent from a year ago. "BC home sales continued at a modest pace in February," said Cameron Muir, BCREA Chief Economist. "Despite improved affordability, many potential buyers and sellers remain in a holding pattern. With pent up demand now becoming latent in the market, it's not a matter of if, but when home sales rise above…
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Average House Prices by City

Jan 2013

Jan 2012

Jan 2011

Yellowknife

$405,483

$429,429

$324,598

Vancouver

$748,651

$752,380

$762,562

Victoria

$421,939

$454,905

$486,384

Edmonton

$323,541

$317,995

$315,483

Calgary

$418,938

$394,655

$394,655

Saskatoon

$320,812

$309,828

$300,353

Regina

$299,700

$284,744

$260,133

Toronto

$482,648

$463,534

$427,159

Hamilton-Burlington

$349,943

$334,106

$325,732

Ottawa-Carleton

$343,382

$349,525

$329,640

Quebec City

$266,692

$247,326

$240,646

Montreal

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Current Discount Mortgage Rates

Mar 2013

Variable Rate

2.65%

1 Year

2.74%

2 Year

2.69%

3 Year

2.65%

4 Year

2.99%

5 Year

2.89%

7 Year

3.59%

10 Year

3.69%

Prime Rate

3.00%

* Rates subject to change and OAC.
Current Posted Mortgage Rates

Mar 2013

Mar 2012

Mar 2011

1 Year

3.00%

3.20%

3.50%

3 Year

3.55%

3.95%

4.35%

5 Year

5.14%

5.24%

5.34%

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Ron’s Candid Comments on the Victoria Real Estate Market - March 2013 View video here: Ron's Candid Thoughts Our real estate board reports “Spring Perks Up Greater Victoria Real Estate”. In reality while yes we have seen our typical seasonal activity increase in activity, sales are lagging far behind last year’s numbers and the number of listings offered for sale is up marginally. There are bargains to be had for home buyers and those who “price their homes right” are selling them, even in some cases with competing offers. Those home sellers in need of last year’s prices are, however, finding themselves out of luck as the market dropped sharply in sales volume and price especially since the latest mortgage rule changes introduced in July 2012. My personal…
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Finance Minister Jim Flaherty is issuing a warning to the country’s banks, as stiff competition for mortgage customers is prompting lenders to cut rates heading into the key spring home-buying season. “My expectation is that banks will engage in prudent lending – not the type of ‘race to the bottom’ practices that led to a mortgage crisis in the United States,” Mr. Flaherty said in a statement to the Globe on Sunday, after Bank of Montreal reduced its price on five-year fixed-rate mortgages to 2.99 per cent from 3.09 per cent. That was the lowest advertised five-year mortgage rate among the big banks as of Sunday afternoon, although lower rates are available in the market. BMO sparked controversy when it first introduced this rate, which at the time was a…
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