The total value of monthly home sales through the Greater Victoria Real Estate Board dropped below $200 million in September for the first time since January. At the same time, the number of sales and the average price for a single-family house also declined.Greater Victoria's results reflect what's been happening across the province, according to the B.C. Real Estate Association, which noted the dollar volume of B.C. homes decreased 25.4 per cent to $2.6 billion in August compared with the same month last year.Consumer demand also weakened in August and tighter mortgage rules in July affected the "already tentative market," the association said. Between January and August, home sales in B.C. declined by 17.5 per cent to $26.2 billion, compared to the…
- Existing home sales in the US jumped 7.8% to 4.82 million annualized units in August 2012. Market expectations were for a modest increase to 4.56 million in the month.
- The median price of existing homes jumped 9.5% on a year-over-year basis as the share of distressed property sales declined.
- Homes available for sales rose by 2.9%; however, this was exceeded by the faster pace of sales leading the months’ supply of unsold homes to fall to 6.1 from 6.4 in the previous month.
- Existing home sales were up 9.3% on a year-over-year basis in August and are up 7.4% year to date. The overall improvement in the pace of sales, firming prices, shrinking housing inventories, and decreasing
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- B.C.'s portion of the HST will continue to apply before April 1, 2013. Purchasers will be eligible for the new higher B.C. HST new housing rebate, of up to $42,500, and builders will continue to claim input tax credits.
- B.C.'s portion of the HST will no longer apply to newly built homes where construction begins on or after April 1, 2013. Builders will once again pay seven per cent PST on their building materials. On average, about two per
Interest rates remain low but with the new tightened lending rules, real estate activity continues to be steady in Greater Victoria with great selection and continuing Buyer's market. Those homes that are priced well continue to sell quickly with the total monthly sales at 523 in July 2012 from a supply of over 5,000 total MLS listings, on par with the previous years monthly sales. If you're not already doing so, please follow us on Twitter, join me on LinkedIn, and LIKE us on Facebook valuable giveaways, client events and market updates. With the warm summer temperatures and sunshine our organic blueberries are ripening fast and await your u-pick experience, or pick them up boxed and ready to go. We invite you and your family to come to Sparton Acres…
Affordability factors into greater demand for recreational property in markets across the country this year, says RE/MAX
Sales of recreational product up in 70 per cent of Canadian markets examined Kelowna, BC (June 18, 2012) — Canadian recreational property markets have been reinvigorated, with softer values, increased selection, and a rebound in consumer confidence contributing to an upswing in sales in 2012, according to a report released today by RE/MAX. The RE/MAX Recreational Property Report, highlighting trends and developments in 33 markets nationally, found that sales were ahead of last year’s levels in 70 per cent of communities examined, while six per cent were on par with 2011 figures. Greater affordability has been a major impetus, in…