B.C. real estate market tips to balance amid new mortgage rules: association

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.

Be Among The First To Know

Create a free account today, and start receiving free newsletters.

Sign Up with google Sign Up with facebook

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Reset your password

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

A link has been emailed to you - check your inbox.



Don't have an account? Click here to sign up
Pop-up banner image