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

VIDEO: Township fire crews battle blaze in abandoned house

Thursday night fire is latest in a series of empty Willoughby homes to burn

‘Sabrina’ series will film late into the night in Cloverdale

Chilling Adventures of Sabrina will be on location at ‘Cerberus Books’ until early Saturday

Thunder down Victoria Shamrocks in Western Lacrosse Association action

Langley team closes the season with two games against Burnaby

Have you seen Peter Webb?

Fifty-two-year-old man reported missing by family who last saw him July 9

UPDATE: 14-year-old pilot sets Guinness World Record at Langley airport

Mohd Shaikhsorab believes he is now the youngest pilot with the fewest hours logged to fly solo

Here’s what you need to know about Day 1 at the BC Games

All 18 events kick off on the track, riding ring, fields, courts and lake in the Cowichan Valley

Seal attacks kayakers in the Broughton Archipelago

“It has to be one chance in a million of this happening.”

New trial for man who was given the wrong medical records

Accused built case on records sent from Surrey Pretrial that weren’t his, though he thought they were

Victoria-area park sign removed after glitch redirects to porn site

Resident looking to learn more about workout equipment discovered the problem code

Special Olympics athletes take on BC Games during Global Day of Inclusion

Twenty-five athletes and nine coaches are here in Cowichan Valley during the 50th anniversary

Scammers dressed as Mounties threaten to arrest senior if she doesn’t cough up cash

Pair of fraudulent officers threaten to arrest 90-year-old woman

Fundraiser to help mom of jogger detained after crossing U.S. border

Cedella Roman, 19, was held in U.S. after accidentally crossing border in South Surrey

Trump slams Federal Reserve rate hikes

Fed raised benchmark rate for a second time this year in June, and projects two more hikes to come

5 to start your day

Plea for help to find hockey dad’s killer, Langley diver shares story of Thai cave rescue, and more

Most Read