March 2013 Greater Vancouver Housing Market Update

March 2013 Housing Market Update

Vancouver, BC – Lower levels of both supply and demand in recent months are holding home prices in check in the Greater Vancouver housing market.

“While home sales were below what’s typical for March, we are seeing 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,” Sandra Wyant, REBGV president said.

April 1 marked the return of the GST and PST tax structure in the province. From a real estate perspective, it’s important to remember that:
• sales tax on a new home is reduced to 5 per cent GST plus 2 per cent BC Transition Tax (total 7 per cent) from 12 per
cent under the HST; and
• tax on real estate commissions has been reduced to 5 per cent from 12 per cent under the HST.

These reduced tax rates apply to transactions payable on or after April 1.