Home sales in New Westminster were higher in March compared to February of this year, but sales overall last month were down 20 per cent from the same time the previous year, according to the chief economist with the British Columbia Real Estate Association.
Local real estate numbers were slightly higher than the rest of Greater Vancouver, where the composite price (meaning the price of all types of homes) was down almost four per cent from a year ago.
In New Westminster, the prices dropped about one per cent from a year ago.
"We expect prices to stay flat for some time," said Cameron Muir, chief economist with the British Columbia Real Estate Association. "Overall, while many potential buyers have been taking a wait-and-see approach, sellers are also taking a wait-and-see approach."
In the first three months of the year, sales of detached homes in New Westminster were down by 30 per cent from the previous year and down 20 per cent for condo sales.
There was one area that saw a boost - attached (townhouses) sales were up 24 per cent.
However, Muir warns the local numbers can be easily skewed because they are small in terms of total sales activity.
"We expect to see much stronger sales activity in the second half of the year," Muir said, summing up what his association expects in the coming year.
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