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

UPDATE: Hedley residents will be without water for at least one week

Elevated levels of coliform and arsenic leave small town dry

Godsmack and Volbeat coming to Penticton

Tour includes a stop at the South Okanagan Events Centre

Sagmoen back in Vernon court this week

Curtis Wayne Sagmoen will appear on all three Vernon matters this week

Cold case files: Murdered woman still unidentified after 44 years

Penticton RCMP releasing info on historical missing person and found human remains investigations

Your morning news in 90: Dec. 10, 2018

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

Break-in at home of detained Chinese Huawei executive

Meng Wanzhou was detained in Vancouver on America’s request

Natural gas rates will go up in B.C. on Jan. 1

Regions could pay up to $68 more

Top House Dems raise prospect of impeachment, jail for Trump

It could be an “impeachable offense” if it’s proven that President Donald Trump directed illegal hush-money payments to women during the 2016 campaign.

Winter rolls into the Okanagan to stay

Environment Canada is calling for two-to-four centimetres of snow from Penticton to Salmon Arm

Macron addresses France amid protests; is it too late?

Paris monuments reopened, cleanup workers cleared debris and shop owners tried to put the city on its feet again Sunday.

CUPE calls off Flair Airlines job action citing job security concerns

The union says it’s going to challenge Flair’s move at the Canada Industrial Relations Board before proceeding with any job action.

Trump looking at several candidates for new chief of staff

Trump’s top pick for the job, Nick Ayers, is out of the running and Trump is now soliciting input on at least four individuals.

Most Read