B.C. home prices virtually unchanged in April: report

Real estate association says prices rose by just 0.2 per cent compared to same time last year

Home prices across B.C. showed little change in April, according to the BC Real Estate Association.

In figures released Monday, the association said the average home price rose by just 0.2 per cent compared to April of last year, up to $730,507.

Some regions saw bigger increases, with Chilliwack prices going up by 16 per cent, Fraser Valley prices by 10.2 per cent, southern Okanagan prices by 15.9 per cent and Vancouver Island prices by 11.3 per cent.

However, sales were down 17 per cent across the province compared to the same time last year.

BCREA chief economist Cameron Muir said the new mortgage regulations have made buyers wary, but they have been adjusting.

The new rules, known as the “stress test,” mean all borrowers must now qualify for a mortgage based on either the five-year benchmark rate or their lender’s actual rate plus two per cent, whichever is higher. The change will apply to all mortgages, new or renewed, even if the down payment exceeds 20 per cent.

“The impact of more burdensome mortgage qualifications for conventional borrowers is expected to soften over the next several months as potential buyers adjust both their finances and expectations,” he said.

For the first four months of 2018, home sales dropped by 12 per cent, although the average price rose 5.7 per cent to $731,661.


@katslepian

katya.slepian@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Just Posted

Family, friends of Mission murder victim hold protest rally

Group wants convicted murderer Walter Ramsay sent back to a maximum security facility

Mission downs Abbotsford to open season

Roadrunners defeat Panthers 29-8 in 2018 home debut

Mission to celebrate culture during three-day event

Culture Days 2018 takes place Sept. 28-30

Vancouver Giants earn a weekend sweep against Everett

Langley-based hockey team plays its next game is at home on Friday, Sept. 28, against Seattle.

Abbotsford company among 500 fastest growing in Canada

Valley Carriers keeps spot on Growth 500 list, but drops from 398 last year to 408 this year

Ottawa area residents take stock of tornado rubble as Ford tours the ruins

A tornado on Friday afternoon tore roofs off of homes, overturned cars and felled power lines in the Ottawa community of Dunrobin and in Gatineau, Que.

Less than half of Metro Vancouverites feel they can influence government: study

SFU researchers suggest most people believe elected officials don’t care

Cap rent increases at inflation rate, B.C. task force recommends

MLAs say drop annual increase that would allow 4.5% rise next year

School, church and old mining site make Heritage BC’s 1st ever ‘watch list”

The list includes sites in need of protection to maintain B.C.’s culture and history

5 to start your day

Maple Ridge students send books to fire-destroyed school, teen stabbed in Surrey park and more

Yowza! Twerk, emoji and facepalm are added to Scrabble dictionary, OK?

Merriam-Webster has announced 300 new words have been added to the spelling game

LGBTQ activists, allies in Victoria counter anti-SOGI protest with rally of their own

Lower Mainland activists plan to protest SOGI on legislature lawn, Sept. 29

Three people attacked on Queensborough Bridge

Man in custody following incident occurred Sunday

Cities make power play for new fiscal order with eye to 2019 federal election

Trudeau ordered Champagne to talk with provinces and territories about ways to “address the timeliness of the flow of funds” to projects.

Most Read