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

Annual women’s march in Courtenay Saturday

The Women’s March was a worldwide protest on Jan. 21, 2017, to… Continue reading

Portables arrive for students on Hornby Island

Five portable classrooms have officially arrived on Hornby Island this week in… Continue reading

Cumberland multi-use development given the go-ahead despite parking concerns

Rideout Construction will pay $91,200 in lieu of 24 parking stalls

Union Bay police standoff ends peacefully

A police standoff in Union Bay was resolved peacefully Monday evening. According… Continue reading

First North Island College Artist Talk Series of 2019 features Barb Hunt

Internationally renown Canadian artist speaks at Stan Hagen Theatre

Giant rotating ice disk forms in Maine river

Ice disk that is roughly 100 yards wide has formed in the Presumpscot River

Theresa May wins no-confidence vote after Brexit deal rejection

UK PM can keep her job, after House of Commons voted 325-306

First Nation supporters march to Horgan’s MLA office

Dozens marched across the Greater Victoria community of Langford to support the Wet’suwet’en people

Bob Castle’s Under The Glacier cartoon for Jan. 15, 2019

Bob Castle’s Under The Glacier cartoon for Jan. 15, 2019… Continue reading

North Cowichan will host national rowing centre starting October 2020

Saanich’s bid for national rowing centre at Elk Lake sunk

Liberal candidate steps aside after singling out Jagmeet Singh’s race

Karen Wang says she made comments online that referenced Singh’s cultural background

SUV wedged on top of car in B.C. mall parking lot has customers confused

The accident occurred Tuesday, no injuries were reported

Tom Lavin and the Powder Blues Band among acts to perform at Comox Valley’s Winterfest

Participating hotels offering half-price “ski & stay” packages

Most Read