Weekly stats update courtesy of the VREB.
|Wk 1||Wk 2||Wk 3||Wk 4|
|Sales to New Listings||51%||64%||
|Months of Inventory||
Sales/list ratio still lagging last year significantly. This will be the first month where we see really significant year over year drops in sales. Months of inventory is still less than last year because we have 37% fewer properties on the market, but that will soon equalize.
If we hit about 850-900 sales, that will still be a very strong March, but the months of records are about over.
In other news, BC is going to dial back the foreign buyers tax a bit. “International citizens with work permits, who pay taxes in B.C., won’t have to pay the foreign buyer surcharge. That’s a bid to recruit high-tech workers from the United States. And foreign nationals who were hit with the 15 per cent foreign buyer tax on their real estate, but then months later become Canadian citizens, could get a rebate.” – Vancouver Sun
Overall I think those are positive changes. The foreign buyers tax is there to discourage speculation in real estate, not to discourage people to come here to work and pay taxes, and the recent changes bring it closer to that goal.
|The HHV Meetup is happening on April 7th at 6PM at the Penny Farthing. I have a reservation for 20 people which is about as many as are signed up. If you can no longer make it, please remove your name from the list or email me so I can adjust reservations closer to the date. Thanks!|