March Real Estate Happenings
BC's NDP government introduced legislation to end hidden ownership of real estate. This legislation will create a registry revealing the source of capital flowing into our real estate sector. The data gathered will go a long way towards understanding how prices got so far out of sync with local incomes.
In March, sales volumes continued to crater. For the month, this year saw the fewest sales since 1986. Factoring in poulation growth, this has become a once-in-a-lifetime downturn. Growing inventory is pushing benchmark prices down across the board year-over-year. Detached homes dropped 10.5%, townhouses are down 6% and condos are down 5.9%
March Rental Stats
In March, we saw 5,753 units listed. This was bump of 13% from February and a gain of 4.3% from March 2018. Fears that the stress test will drive more people into rentals and further erode vacancy rates seems unfounded so far. Looking at the long term trend, we seem to be on a positive trajectory for number of rental listings.
Year-over-year asking rents were stable for three bedrooms and down for both one (-3.8%) and two bedrooms (-3.5%).
Drilling down, we see the listing volume was up across the board, except for one bedroom furnished units. The table below shows the magnitude of the gains.
- 1 bedrooms $1900 (-1.3%)
- 2 bedrooms $2600 (+0.2%)
- 3 bedrooms $3000 (+3.5%)
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