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

Kootenay Robusters end 18th paddling season

Women of Trail, Castlegar, Rossland, Christina Lake and Grand Forks came together in 2001

Trail bus line readies to takeover Kelowna run

Silver City Stage Lines must have a booking site up by Sept. 30; two vehicles activated by Oct. 26

More burning prohibitions rescinded in southeast B.C.

Category 2 and 3 fires will be permitted in Southeast Fire Centre as of 1p.m. on Wednesday.

Cops For Kids’ southeast B.C. tour rolls on

Annual RCMP fundraiser will see 34 cyclists ride 1,000 kilometres raising funds

Municipal spending outpaces population growth 4-fold in B.C.: report

Canadian Federation of Independent Business has released its annual operational spending report

Video: Flyers new mascot ‘Gritty’ a bearded, googly-eyed terror

The Philadelphia Flyers unveiled their new mascot Monday, and as one would expect of the team that gave us the “Broad Street Bullies,” he’s far from cuddly.

Harvest Moon to light up B.C. skies with an ‘autumn hue’

It’s the first moon after the autumn equinox

Hockey league gets $1.4M for assistance program after Humboldt Broncos crash

Program will help players, families, coaches and volunteers after the shock of the deadly crash

Canada has removed six out of 900 asylum seekers already facing U.S. deportation

Ottawa had said the ‘overwhelming majority’ had been removed

Appeal pipeline decision but consult Indigenous communities, Scheer says

The federal appeals court halted the Trans Mountain expansion last month

B.C. electric vehicle subsidy fund drains faster than expected

Province adds another $10 million to incentive fund

‘I’ll never forgive you:’ Victim impact statements at hearing for Calgary killer

Curtis Healy was found guilty of first-degree murder Friday in the death of Dawns Baptiste.

Man accused of mailing bomb to his brother in B.C. has died

Leon Nepper was found in ‘medical distress’ at the Whitehorse Correctional Centre on Sunday

Most Read