B.C. real estate market tips to balance amid new mortgage rules: association

Association says 7,884 units were sold within MLS across the province in June

The British Columbia Real Estate Association says tighter mortgage rules and lower demand are bringing the provincial housing market into balance.

The association says 7,884 units were sold within the Multiple Listing Service across the province in June, a 32.5 per cent decrease from the same month last year.

The average residential price was down 1.3 per cent from June of 2017 for a total sales value of $5.6 billion.

Brendon Ogmundson, the association’s deputy chief economist, says the impact of the tightened standards for both borrowers and lenders is still being felt.

He says the combination of the lower demand because of the more stringent mortgage qualification rules and higher interest rates is bringing most markets in the province back to balanced conditions.

While the active listings in B.C. are on the rise, the association says inventory remains low in historical standards in markets like Vancouver Island and the Okanagan.

The Canadian Press

Like us on Facebook and follow us on Twitter.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Comments are closed

Just Posted

Undercover operation exposes prominent human trafficking problem in Greater Victoria

VicPD’s Operation No More took place in mid-June at a local hotel

Saanich serves up virtual Strawberry Festival

Residents invited to look back on 54 years of festivals

Stelly’s grads shocked after ‘anonymous friend’ pays for dinner

Friends took limo to Deep Cove Chalet to celebrate after graduation festivities cancelled

PHOTOS: Dual rallies take over Legislature lawn on Canada Day

Resist Canada 153 highlighted colonization and genocide, Unify the People called COVID a hoax

VicPD investigating possible hate crime on BC Transit bus

A young Black man was randomly struck by a Caucasian man who he did not know

‘This year is unlike any other’: Trudeau delivers Canada day address

Sophie Gregoire Trudeau and the Prime Minister release video celebrating the national holiday

Gov. General honours Canadians for bravery, volunteer service

Five categories of winners presented on Canada Day

COVID-19: Should non-medical masks be mandatory in Canada?

New poll shows Canadians are divided on the rules around mandatory masks

‘A little bit scary for everybody’: Air passengers wary as new rules take effect

Masks or face coverings have been mandatory on flights since April 20

VIDEO: Prince William and Kate chat with B.C. hospital staff about COVID-19

Seven-minute video posted to Youtube on Canada Day

River centre says heavy rains could bring flooding to central, northeastern B.C.

Water levels are already unusually high and river banks can be extremely unstable

Campbell River’s defunct cruise ship terminal to undergo evaluation for future plans

With no cruise ship coming through, the $16million terminal has been a white elephant for over 13 years

Most Read