B.C. home prices virtually unchanged in April: report

Real estate association says prices rose by just 0.2 per cent compared to same time last year

Home prices across B.C. showed little change in April, according to the BC Real Estate Association.

In figures released Monday, the association said the average home price rose by just 0.2 per cent compared to April of last year, up to $730,507.

Some regions saw bigger increases, with Chilliwack prices going up by 16 per cent, Fraser Valley prices by 10.2 per cent, southern Okanagan prices by 15.9 per cent and Vancouver Island prices by 11.3 per cent.

However, sales were down 17 per cent across the province compared to the same time last year.

BCREA chief economist Cameron Muir said the new mortgage regulations have made buyers wary, but they have been adjusting.

The new rules, known as the “stress test,” mean all borrowers must now qualify for a mortgage based on either the five-year benchmark rate or their lender’s actual rate plus two per cent, whichever is higher. The change will apply to all mortgages, new or renewed, even if the down payment exceeds 20 per cent.

“The impact of more burdensome mortgage qualifications for conventional borrowers is expected to soften over the next several months as potential buyers adjust both their finances and expectations,” he said.

For the first four months of 2018, home sales dropped by 12 per cent, although the average price rose 5.7 per cent to $731,661.


@katslepian

katya.slepian@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Just Posted

Design and development principles, communications discussions dominate tenth ASC meeting

FireWise Consulting Ltd.’s Ernie Polsom led the ASC through a review of the Committee’s key learnings around the complexities of building a fire hall in British Columbia.

Council warned about potential problems at US border

US border officials can and do ask Canadians if they have ever used marijuana.

Board approves an acquisition of land for a new regional park in Crawford Bay

The Board of Directors of the Regional District of Central Kootenay (RDCK) today took the next step in the process to purchase land for a new regional park.

Area A director blasts highways department

Area A Director Garry Jackman objections to work planned for the Kootenay Lake Ferry terminal at Balfour.

Creston Valley-Kootenay Lake Route tourism campaign kicks off

Launch party marks beginning of year-long campaign promoting area

Trans Mountain pipeline: How we got here

A look at the Kinder Morgan expansion, decades in the making

VIDEO: Pipeline supporters rally across B.C.

Five simultaneous events organized by month-old Boots and Suits lobby group

VIDEO: B.C. woman praises burn fund after boat explosion in 1978

White Rock woman was 16 years old when she was left with second- and third-degree burns

B.C.’s Ryan Craig, Vegas Golden Knights chase history

Local product behind bench for expansion team’s incredible championship run

CP rail workers give strike notice

Employees could walk out as early as Tuesday at 7 p.m. PT

Suspected scammer attempts to use Black Press newspaper to dupe woman

Canadian Anti-Fraud Centre offers tips after Langley resident received suspicious call

Vote points to abortion being legalized in Ireland

Voters asked whether to keep or repeal Eighth Amendment to Roman Catholic Ireland’s Constitution

COLUMN: Women’s breasts really aren’t that big a deal

A follow on some Princeton, B.C., students gained considerable exposure when they dropped their bras

Most Read