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

100 Mile Free Press and Ashcroft-Cache Creek Journal win Canadian Community Newspaper Award for Fire Fight

“[It] should be shared with all the people who told us their stories and trusted us with them”

Familiar face returns to Gold Country Communities Society

Marcie Down has left the Village of Cache Creek to become the society’s new executive director.

Cache Creek campground finally reopens after flooding

Brookside Campground was closed for more than 11 weeks after this year’s floods.

Rolgear takes another step forward with European patent

Company is proof that building a better mousetrap — or screwdriver — pays off.

Ashcroft gets rainbow crosswalk

The colourful crosswalk on Railway Avenue is a sign of welcome and inclusion.

Update: Police probe Toronto shooting that killed 2, injured 12; suspected gunman dead

Paramedics said many of the victims in Danforth, including a child, were rushed to trauma centres

Deadly L.A. market shooting started with domestic feud

A domestic incident ended after a car crashed into a pole outside Trader Joe’s market

Sunken duck boat to be raised after deadly Missouri accident

17 people died over the weekend in a deadly boat incident

Man extradited to Canada in B.C. killing, following arrest in South Korea

28-year-old Jui-Kai Weng was charged with second-degree murder and attempted murder

Canada beats Triple Crown for Canada Cup softball title

National team’s championship is first at B.C. tournament since 1996

Record high in Japan as heat wave grips the region

The temperature in a city north of Tokyo reached 41.1 degrees Celsius (106 degrees Fahrenheit) on Monday, the highest ever recorded in Japan.

Feds looking at ways to tackle wave of gun violence in Toronto: Minister

Toronto mayor John Tory spoke to the press following a mass casualty event in Toronto.

Inquest set in death of RCMP’s spokesperson for Robert Dziekanski case

Former Mountie Pierre Lemaitre died of self-inflicted injuries in Abbotsford in 2013

Most Read