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

World-Renowned poet kicks off tour in Fort St. James

By Ruth Lloyd On September 20, 2018, the Community Hall Theatre of… Continue reading

‘Summer from hell’: vandals rob community garden following devastating wildfire season

The community rallied to keep the Health Minds Community Garden open in Fort St. James

College of New Caledonia offers new automotive glass technician program

The program is offered mainly online, allowing more students to take part from across the north

Decision on Burns Lake’s workforce camp “pending very soon”: Coastal GasLink

Meetings to discuss new camp location postponed due to wildfire situation

B.C. parents leery of HPV cervical cancer vaccine

Provincial registration uptake among lowest in Canada

VIDEO: Rare close encounter with whale pod spotted off B.C. waters

Pod of southern resident orca whales breach within arms length of whale watchers

Rattie scores 3 as Oilers blank Canucks 6-0

Vancouver slips to 1-5 in exhibition play

Veterans Affairs ordered to take second look before supporting vets’ relatives

Liberal government ordered officials to adopt a more critical eye

Dead B.C. motorcyclist was member of group that raced down mountain road

Some group members record their rides on Strathcona Parkway and post times to page

Indigenous athletes in spotlight at BC Sports Hall of Fame

New gallery to feature Carey Price, Kaila Mussel and Richard Peter

B.C. couple who went missing on flight from Edmonton named by family

Family released a statement Wednesday saying they’re still intent on finding the two-seater plane

VIDEO: A close look at what you were breathing during the B.C. wildfire season

Electron microscope images show soot and tar particles generated by worst B.C. fire season

B.C. woman donates $250,000 to ovarian cancer research for friends

Two of Patty Pitts’s friends passed away from the disease within a year

B.C. could provide clues as to how New Brunswick electoral results shake out

Premier Christy Clark faced a strikingly similar scenario following the province’s 2017 election

Most Read