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

Walk into the forest in the Showcase Gallery

Group exhibit is focussed on trees

More Than Wood Art Gallery in 100 Mile House shows off artists

‘There is so much talent. It’s amazing’

Chekhov’s gun

A weekly family column for the 100 Mile Free Press

What are you doing on your Christmas break?

Megan Balbirnie 103 Mile House “I’m probably staying home then we’re going… Continue reading

VIDEO: Close encounter with a whale near Canada-U.S border

Ron Gillies had his camera ready when a whale appeared Dec. 7

Out of the doghouse: B.C. city lifts ban on pup who barked too much at dog park

Cameron the Shetland sheepdog is allowed back into Uplands off-leash dog park under some conditions.

Canada-China relations turn icy over arrest of Chinese exec

The Huawei case has threatened to complicate U.S.-China efforts to resolve a bitter trade dispute.

Prosecutor signs off on former B.C. Liberal government’s quick-wins probe

David Butcher said in a statement released Monday that the RCMP recommended charges under the Elections Act

Canadian physicist who won Nobel Prize touts science for the sake of science

Donna Strickland, 59, said securing the field’s highest honour has given her a significant new platform

Too many die in heavy truck crashes, B.C. auditor says

Province has no mandatory driver training for commercial vehicles

B.C. city considers scrapping funds for Christmas decorations

Victoria city coun. Ben Isitt doesn’t think the government should pay for any religious symbols

Well-known B.C. snowmobile guide killed in rollover accident

Shuswap sledding communty mourns loss of experienced Sicamous snowmobiler

Most Read