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

Council agrees to pay for fence around Mission Legion

Building has been hit by vandalism and grafitti

New Abbotsford transit depot one step closer, despite objections from neighbours

Residents worried about noise, light and effects of pile-driving on their foundations

VIDEO & PHOTOS: Iron Mountain Music Festival delights Mission music fans

Inaugural event featured two days on non-stop musical entertainment

Campfire ban coming into effect across West Coast

The Coastal Fire Centre says bans will begin on Wednesday

PHOTOS: Mission firefighters help mentor kids

Big Brothers Big Sisters Local Heroes daycamp took place and kids on the waitlist had great fun

Trudeau asks transport minister to tackle Greyhound’s western pullout

Prime Minister Justin Trudeau says he’s asked Transport Minister Marc Garneau to find solutions in Greyhound Canada’s absence.

Hub for mental health and addictions treatment opens at B.C. hospital

St. Paul’s Hospital HUB is an acute medical unit that includes 10 patient beds

Glow Langley returns bigger and brighter this Christmas

Organizers will also introduce Harvest Glow — a celebration of autumn

Restaurant Brands International to review policy over poaching employees

One of Canada’s largest fast-food company to review ‘no-poach’ franchise agreements

Calgary family’s vacation ends in tragedy on Texas highway

Three people died and four others were injured in the crash

Union construction cost competitive, B.C. Building Trades say

Non-union firms can bid on infrastructure, but employees have to join international unions

Trudeau to shuffle cabinet ahead of Liberals’ team for 2019

Trudeau could lighten the work loads of cabinet ministers who currently oversee more than one portfolio

Car calls 911 on possible impaired B.C. driver

A luxury car automatically calls Princeton police to scene of crash involving alcohol

BC Games marks 40 years in 2018

Cowichan Games a milestone for BC Games Society

Most Read