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

Northwest mobile unit to help those at heart of mental health, addiction crisis

Province, Northern Health unveils new unit in Terrace to bridge gaps in services

Move natural gas pipeline, MP suggests

Coastal GasLink could then avoid opposition

B.C. minister says rural internet is ‘railroad of the 21st century’

Jinny Sims talks details about the $50-million provincial and possible $750-million federal funds

Zero-interest student loans a huge relief: CMTN student union

Parliamentary secretary hears from Terrace students, alumni and staff

Tl’azt’en man emerges strong from leukemia struggle

“You have to find that inner you and fight back,” Darren says

Fierce feline spotted as ‘aggressor’ in face off with coyote in B.C. backyard

North Vancouver resident Norm Lee captures orange cat versus coyote in backyard showdown

Second case of measles reported in the B.C. Interior

Case is connected to an earlier measles case in 100 Mile House

Cheetahs will not prosper in Creston: Permit rejected for two big cats

Earl Pfeifer owns two cheetahs, one of which escaped in December 2015

GM announces jobs, electric vehicle after Trump criticism

The company says it will spend $300 million at its plant in Orion Township

Trucker who caused Broncos crash likely to be deported: lawyer

The Crown has asked that Sidhu serve 10 years in prison

China chemical plant blast kills 47, injures hundreds more

This is one of China’s worst industrial accidents in recent years

Montreal priest stabbed while celebrating morning mass

The incident happened Friday morning at Montreal’s St. Joseph’s Oratory

Organic Matters tea recalled across B.C. due to Salmonella

Recall for OM tea products is B.C. wide, possibly national.

Real-life tsunami threat in Port Alberni prompts evacuation updates

UBC study says some people didn’t recognize the emergency signal

Most Read