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

Slaughterhouse in Salmon Arm site of another protest by activists

Incident at meat processing plant under investigation by Salmon Arm RCMP

Avalanche control scheduled today on Highway 1 east and west of Revelstoke

Avalanche control work is scheduled today for two different locations along Highway… Continue reading

Single-bridge option chosen to replace RW Bruhn Bridge

Five-lane span selected over plan with second bridge at Main Street

UPDATED: Absolute discharge for mischief charge against Sagmoen

Trial starts at 9:30 a.m. in Vernon Law Courts

Snowfall warning issued for Highway 1 from east of Sicamous to Golden

Environment Canada says to expect 15-30 cm of snow by Thursday evening

Your morning news in 90: Dec. 13, 2018

Tune in for 90 seconds to get the top headlines for the Okanagan, Shuswap and Similkameen.

Okanagan Symphony presents Yuletide Tales

Christmas concert features three classic Christmas stories

Woman forcibly confined, sexually assaulted between Creston and Cranbrook

The suspect forced the woman into her vehicle before driving along Highway 3

Giving the gift of nature

Please don’t be mad, but I bought you a moose

‘I thought I was dead as soon as I saw the gun’

Keremeos gas station attendant tells story about man with gun coming to store

‘People talk about deep sadness:’ Scientists study climate change grief

Some call it environmental grief, some call it solastalgia — a word coined for a feeling of homesickness when home changes around you.

As protectors abandon Trump, investigation draws closer

Cohen was sentenced Wednesday to three years in prison for an array of crimes.

Senate delays start of sittings in new home, delaying start of broadcasts

The Senate and House of Commons are moving into temporary homes for the next decade as a result of long-planned and badly needed renovations to the Centre Block.

UK leader seeks EU lifeline after surviving confidence vote

EU leaders gather for a two-day summit, beginning Thursday, which will center on the Brexit negotiations.

Most Read