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

Jerri & the Cheap Dates take the stage at Nest & Nectar

Catch their live performance Mar. 23 from 7 to 9 p.m.

Princeton man charged in thefts from volunteer fire hall

A Princeton man appeared in circuit court here February 14, facing charges… Continue reading

Find your freaky side at Army of Sass’ SIDESHOW

The 360 degree circus-themed production comes to Penticton Lakeside Resort Mar. 23

Okanagan weather watch: Snow on the way

Flurries have been predicted for most of the Okanagan Valley today

VIDEO: A glimpse into OneWorld Penticton

Hear from performers and presenters at the annual multicultural festival

Pink Shirt Day a reminder to ‘T.H.I.N.K.’ before posting on social media

‘Be Kind’ message on shirts sold for anti-bullying activities of Wednesday, Feb. 27

A ‘warm embrace’ for grieving parents at funeral of seven young fire victims

Mourners offered love and support to Kawthar Barho, mother of seven children

One of B.C.’s newest citizens reflects on the value of immigration

“People who come by choice to another country will do everything to contribute to that country.”

Indigenous leaders, politicians say Trans Mountain report flawed

The National Energy Board has endorsed an expansion of the Trans Mountain pipeline a second time

UPDATE: Reports of rashes prompt closure of all Harrison Hot Springs pools

Public pool available after Fraser Health shut down all five mineral pools until further notice

Team BC sitting 4th at Canada Winter Games after 1st week

Team BC ringette featuring Kelowna’s Brooklyn Keller finished 4th

Legislation to protect B.C. farmland comes into effect

Regulations enhance food security, encourage long-term farming

Salmon Arm Silverbacks fall to Penticton Vees in third-period upset

Early lead disintegrates into 5-2 finish for Penticton

Most Read