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

Bylaw rescinded after vacation rental owners express concerns

Concerns included a lack of consultation

Get ready for a week of sunshine across Vancouver Island

Environment Canada is forecasting temperatures in the high teens all this week

B.C. students send books to displaced students of Hornby Island school fire

Maple Ridge elementary school teacher says students learned about acts of kindness

North Island Tour De Rock rider Benjamin Leah leads team to Port Hardy

“You don’t have issues and problems when you look at these kids and how much they’re going through.”

Denman Island awash with plastic debris

After 14 years of Community Beach Cleanups, the little Gulf Island of… Continue reading

United loses 3-1 to Mariners

Comox Valley United lost 3-1 to the Mid Isle Mariners in a… Continue reading

Trudeau urges leaders to follow Nelson Mandela’s example at UN tribute

Peace summit in New York marks 100th birthday of former South African president

Senate seats filled in B.C., Saskatchewan

Canada’s newest senators are the first woman to lead the RCMP and a Cree Metis businessman

Newfoundland’s popular ‘merb’ys’ calendar is back

The calendar of burly, bearded mermen posing against scenic backdrops for charity returns

Cap rent increases at inflation rate, B.C. task force recommends

MLAs say drop annual increase that would allow 4.5% rise next year

Nanaimo woman envisions Vancouver Island’s first cat café

Business idea still in early planning stages and hopes to be open next year

School, church, old mining site make Heritage BC’s first ‘watch list’

The list includes sites in need of protection to maintain B.C.’s culture and history

Yowza! Twerk, emoji and facepalm are added to Scrabble dictionary, OK?

Merriam-Webster has announced 300 new words have been added to the spelling game

LGBTQ activists, allies in Victoria counter anti-SOGI protest with rally of their own

Lower Mainland activists plan to protest SOGI on legislature lawn, Sept. 29

Most Read