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

B.C. Interior free from measles

Vancouver measles outbreak hasn’t spread to the B.C. Interior

Input sought from Cache Creek businesses on Downtown Vision plan

Attracting and retaining employees and businesses are priorities

Community Futures gets more funding to continue business support program

Programs such as Business Ambassadors help small businesses, not-for-profits, and First Nations

Make Children First’s CareFairs are going out with a bang

Folllowing changes to funding, upcoming CareFairs in the region will be the last ones ever held

Support available for those looking after loved ones with dementia

Despite the growing number of people with dementia, a stigma still surrounds it

Sell regulated heroin to curb B.C.’s overdose problem: report

B.C. Centre on Substance Use points to organized crime and money-laundering as contributing factors

More people signing up for compulsory vaccines

Maple Ridge mom says public tired of hearing about measles

UPDATE: Man charged in stabbing of woman, off-duty cop outside B.C. elementary school

Manoj George, 49, is facing two counts of aggravated assault and two counts of assault with a weapon after the incident on Wednesday, Feb. 20.

Why do zebras have stripes? Perhaps to dazzle away flies

Researchers from University of Bristol look into why zebras have stripes

Poll: More voters believe Canada doing worse under Trudeau government

22 per cent believed the country is doing better and 27 per cent said things are the same

HBC shuttering Home Outfitters across Canada

North America’s oldest retailer is revamping its various stores to improve profitability

BC SPCA investigates Okanagan woman with prior animal abuse convictions

BC SPCA is investigating a property near Vernon

Man wanted for sex trafficking, confinement may be heading to B.C.

Kevin Myrthil, 26, is also accused of assault on a 19-year-old woman at an Edmonton hotel

Northern B.C. train derailment due to broken axle could happen again: TSB

CN coal train derailment caused by broken axle can happen again without a different way to inspect

Most Read