The Bank of Canada kept its target overnight rate at 1% this morning.  In the statement accompanying the decision, the Bank of Canada forecast that the Canadian economy will gain momentum through the year following a weak second half in 2012, but slow growth through the first half of this year will limit real GDP growth to just 1.5 % in 2013 before rising to 2.8% in 2014.

Click HERE to see the BCREA Mortgage Rate Forecast...

Vancouver, BC  APRIL 15, 2013

The BC Real Estate Association (BCREA)  reports that a total of 5,661 residential sales were recorded by the MLS in the province of BC during March, up 6.6% from February on a seasonally adjusted basis, but down 17.7% compared to March 2012.  March Sales on the North Shore showed more improvement than the overall BC number, but overall sales are down 22% to 35%, depending the area.  There's some good news for Buyers!

                                                              North Van          West Van

Residential Sales  Feb   '13             155                     46

Residential Sales March '13            206                     77 

Increase:                                              33%                   68%

                                                               North Van         West Van

Residential Sales Feb '12                  209                      95

Residential Sales March '12              252                    104

Increase:                                                20%                      9%

% Change 2012 to 2013                  North Van           West Van

February Sales                                 Down 35%         Down 50%

March  Sales                                     Down 22%         Down 35%