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

Girl heard saying ‘Help my Dad’ in suspicious radio message: Campbell River RCMP

Police asking for help following mysterious signals from somewhere between Comox and Sayward

Island Highway intersection saw the most crashes in Campbell River – ICBC

Dozens of accidents at Highway 19A and Dogwood Street between 2013 and 2017, according to crash map

More sailings coming to 10 BC Ferries’ routes

Transportation Minister Claire Trevena said the sailings were originally cut in 2014

Federal fisheries minister calls for precautionary approach to fish farming

Government still reviewing Federal Court’s decision on PRV – Wilkinson

Spring fishery closures mulled for south coast

Fewer fish are returning to rivers and more conservation needed, say feds

VIDEO: Campbell River students join Sylas Thompson’s polar bear swim campaign

Ocean Grove Elementary students took the plunge as funds exceeded $18,000

Reports of rashes prompt closure of all Harrison Hot Springs pools

Public pool available after Fraser Health shut down all five mineral pools until further notice

Two more measles cases confirmed in Vancouver

It brings the number of total cases within the city connected to the outbreak to ten

B.C. Special Olympics officially underway in Vernon

Athlete’s Oath: “Let me win. But if I cannot win, let me be brave in the attempt.”

Vancouver Aquarium wants your help to name a baby killer whale

The public helped name Springer’s first calf, Spirit, and is being asked to help with the second

Guards protest firing of fellow officers charged with assault at B.C. prison

Corrections officers demonstrated in Maple Ridge on Friday afternoon

Skier dies at Revelstoke Mountain Resort

Cause of death for young man has not been released

R. Kelly charged with 10 counts of sexual abuse

R&B star has been accused of sexual misconduct involving women and underage girls for years

Most Read