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

LKB members fight heli-skiing proposal

Robert Louie Sr., have joined with band members who are opposed to a Retallack/Lower Kootenay Band Agreement.

Second fire hall referendum confirmed

Creston residents will have another chance to vote on the borrowing for a new fire hall.

Michelle Mungall on maternity leave

The Nelson-Creston MLA will return by the end of September

Valley Mudders invites new members

While the stereotypical image of a potter is someone sitting at a wheel spinning pots, a look at the displays of various members’ work shows that most of the output is hand-built.

Design phase of Creston Community Park well underway

The contract for detailed design services for the new skatepark has been awarded to van der Zalm + Associates Inc. and New Line Skateparks Inc., both firms in Langley, BC.

VIDEO: Trudeau shuffles familiar faces, adds new ones to expanded cabinet

Justin Trudeau shuffles his front bench Wednesday to install the roster of ministers that will be entrusted with leading the Liberal team into next year’s election.

Lower Mainland blueberry farms expect solid season

Blueberry Council of B.C. says season will be better than last year

B.C. to add hundreds of taxis, help cab companies modernize

Ride hailing companies have to wait until fall of 2019 to apply for licences

BC Summer Games ready to begin on Vancouver Island

More than 2,000 athletes will compete in 18 sports from Friday to Sunday

Plenty of heroes in Thai cave rescue, says B.C. diver

Erik Brown reflects on team effort that brought 12 boys and their coach to safety

Funding available to replace infected B.C. hazelnut trees

B.C. Hazelnut Growers to recieve $300,000 over three years to battle eastern filbert blight

Semi truck rolls near tunnel, driver in serious condition

A B-train semi truck loaded with calcium chloride went off Highway 3 west of Fernie last night

Woman charged after eight dogs seized from hotel room

Sixteen dogs recently seized from Adams and her daughter in Quesnel

Owner of B.C. fruit stand recounts ‘flames popping up everywhere’ from wildfire

The Mount Eneas wildfire is burning at about 200 hectares south of Peachland

Most Read