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

Search for birth parents ends in Mission

Robert McKeever always knew he was adopted; last week he met up with his siblings for the first time

Three Mission RCMP constables named to Alexa’s Team

The team recognizes police officers who excel at removing impaired drivers from B.C. roadways

Delays en route for Highway 7 in Harrison Mills

Road resurfacing will cause month-long delays for drivers travelling through Harrison Mills

Mission being challenged to get active

ParticipACTION Community Better Challenge runs from May 31 to June 16

VIDEO: Mission Friendship Centre holds day-long event

The MMIW event took place May 22 at Fraser River Heritage Park

600 new campsites coming to provincial parks and recreation sites across B.C.

Tourism Minister announced half of the new spots to 13 most popular provincial parks

Raptors beat Bucks 105-99 to move within 1 game of NBA Finals

Leonard scores 35 as Toronto takes 3-2 series lead over Milwaukee

Fraser Valley man dead after car hurtles from embankment west of Campbell River

Survivor of crash rushed to hospital by helicopter in serious condition

B.C. premier hints at twin-tunnel plan for Metro Vancouver’s Massey Tunnel

John Horgan cancelled plans for a 10-lane bridge to replace the 60-year-old tunnel shortly after taking office

Police investigate ‘serious collision’ between motorcycle, truck in Vancouver

Motorists asked to stay away from Blanca Street & West 4 Avenue

Municipalities protest after B.C. declares marijuana crops ‘farm use’

UBCM president seeks answers in letter to John Horgan government

CMHC defends mortgage stress test changes amid calls for loosening rules

Uninsured borrowers must now show they could service their mortgage if rates rose two per cent

Metro Vancouver mayors ask public to lobby feds for annual $375M transit fund

Mayors renewing their call for transit funding as federal election looms

B.C. woman left ‘black and blue’ after being pushed off 40-foot cliff at lake

West Shore RCMP looking for witnesses as investigation continues

Most Read