B.C. home sales slide almost 10 per cent in March despite mortgage rate drop
Home sales in British Columbia fell by almost 10 per cent in March compared with the same period last year, in a slowdown an analyst says could be buyers waiting for lower interest rates.
The B.C. Real Estate Association says the province saw 6,460 residential unit sales in the Multiple Listing Service systems last month, a 9.5-per-cent decline from March 2023.
The overall dollar volume of home sales also fell 3.6 per cent from the same month last year, dipping to $6.6 billion.
Association chief economist Brendon Ogmundson says in a statement that potential homebuyers “appear to be waiting on the Bank of Canada to lower its policy rate.”
Ogmundson says March's decline caps off a “slow start” to the first quarter of 2024 despite a “steep” drop in fixed mortgage rates.
The association says the average price of a home in B.C. on MLS did rise by 6.5 per cent from last March, reaching $1.02 million.
Overall, home sales in the province rose by 6.4 per cent in the first three months of this year, reaching almost 16,000 units.
This report by The Canadian Press was first published April 15, 2024.
CTVNews.ca Top Stories
Debunking the 'anti-sunscreen' movement: Doctors say TikTok trend is dangerous
Dermatologists are sounding the alarm about misinformation from the anti-sunscreen movement, saying not wearing sunscreen can cause cancer and other problems.
Poilievre Conservatives offer to help Trudeau Liberals pass foreign interference bill
Pierre Poilievre's Conservative Party is offering to help Prime Minister Justin Trudeau's Liberal government pass a piece of legislation aimed at countering foreign interference in Canada.
DEVELOPING Key witness lied on stand, Trump lawyer tells jurors during closing arguments in hush money trial
Donald Trump's landmark hush money trial turns on the testimony of a prosecution witness who told lies on the stand and cannot be trusted, a defence lawyer said Tuesday during closing arguments.
Ont. university says professor fired over 'unethical' sexual relationships with students
An associate professor at McMaster University has been fired after its board of governors found that he engaged in 'unethical, inappropriate and in some instances exploitative' sexual relationships with students.
Richard Dreyfuss' comments about women, LGBTQ2S+ people and diversity lead venue to apologize
The actor Richard Dreyfuss showed up in a dress at a 'Jaws'-themed event in Massachusetts, where the blockbuster 1975 movie he starred in was shot, and then proceeded to make demeaning remarks about women, LGBTQ2S+ people and diversity.
Quebec homeowner recalls moment tornado hit his farmhouse west of Montreal
A homeowner in western Quebec is recounting a narrow escape after his home was hit by a tornado Monday afternoon.
WATCH Airline pilot treated to stunning northern lights show during U.S.-Portugal flight
An airline pilot got quite a show on May 11 while flying from San Francisco to Lisbon when a solar storm caused stunning auroras.
Severe thunderstorms, 15 cm of snow: Canadian weather forecast highlights
Well into spring, some parts of Canada could experience a wintry comeback, while other areas are bracing for severe thunderstorms, according to local forecasts.
Canada's professional women’s soccer league name unveiled
Canada is set to embrace a new chapter in women’s soccer with the official unveiling of the new name of the professional league.