According to real estate board, availability of town homes and condos ‘remain below the historical norms’.
Real Estate Board of Greater Vancouver said that stricter mortgage, rising interest rates, new taxes and high prices requirements are some factors that cause recent slowdown in selling and buying of properties.
Phil Moore, President, Real Estate Board said that even with lower home sales, prices will still remain high as long as selection of properties is too slim. There are some Proven Marketing Strategies to Finding Lucrative Deals in Real Estate market you can go through 21 Ways to Find Off Market Real Estate.
“Last month was one of the quietest month for listing of new homes since year 2009, and total inventory in townhome and condo segments of sale of homes but still remain below to the historical norms.”
Metro Vancouver saw around 2,517 homes that change hands in past March and there is a decline of around 29.7% over last March.
Drops in median and average prices
Overall, board said that $1,084,000 is the current benchmark price, it is an estimated value for property in Greater Vancouver, it is an increase of around 1.1% as comparative to the last month.
But masked noticeable decrease in average sale price of apartments from $750,000 – $724,000 and homes from $1.74 million – $1.61 million from February to March. You can also go through Real Estate Investing that tells Master Commercial, Residential and Industrial Properties by Understanding Market Signs, Rental Property Analysis and Negotiation Strategies.
In an addition, median selling price of homes decreased nearly by 13% and apartments by 8% on west side of Vancouver.
With demand for home sales continuing to an outstrip supply for town homes and condos, real estate board said that prices will still continue to remain high.