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.

Just Posted

Emerald Gloves boxing brings fights to Langford

Langford’s Matt Daniels dropped weight for debut

U.S. mayor and dying dog’s roadtrip to Victoria goes viral

First vacation in three years came a month after blood cancer diagnosis

Victoria City Council directs staff to proceed with Central Park for new Crystal Pool location

Save-On-Foods Memorial parking lot still up for discussion as a location

Team Canada to hold junior selection camp in Victoria

22 players from camp will make roster for 2019 World Junior Hockey Championship

West Shore RCMP seizes more than $16,000 worth of drugs

Suspected cocaine, pills and cash seized from a Greater Victoria home

VIDEO: Stan Lee leaves posthumous message for his fans

Marvel Comics’ co-creator died on Monday at the age of 95

VIDEO: Protected bighorn sheep killed in B.C. Interior

The sheep are considered a species of concern because of their low population in B.C.

Greater Victoria Crime Stoppers wanted list for the week of Nov. 14

Greater Victoria Crime Stoppers is seeking the public’s help in locating the… Continue reading

Missing hikers on Quadra pull search teams from all over the Island

Two women, aged 69 and 70, did not return from what was supposed to be an hour-long walk Wednesday

VIDEO: The definition of a kilogram has officially changed

50-plus countries voted to a ground-breaking overhaul to the international system of measurements

Deer carcasses don’t belong in green bins, says B.C. city

City of Nanaimo issues reminder to residents, saying fur isn’t compostable

Firearms and cocaine seized from Vancouver Island residence

The file remains under investigation and charges are pending.

B.C. couple helping wildfire evacuees in northern California

A planned holiday has turned into a humanitarian effort for a Penticton couple

Dead whale discovered on B.C. shore

The whale was discovered Friday morning near the BC Ferries terminal

Most Read