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

Looking back on Arts Rising Festival

Second annual festival a celebration of the arts

Nature wise: scavengers in action in the Okanagan Valley

Bob Handfield is president of The South Okanagan Naturalists’ Club

Oliver to get new sheriff from graduating class

Oliver will be one of a number of B.C. communities to get a member of the recent graduating class

Male strippers appeal with comedy

Vancouver’s Comic Strippers to perform shows in Salmon Arm and Vernon

Out to pasture at the Freak’n Farmer

The annual “fun” event at Covert Farms put on by the Covert family and HooDoo Adventures

Environment Canada confirms Ottawa area hit by two tornadoes Friday

At one point more than 200,000 hydro customers were blacked out

Who’s running in Penticton’s election?

Candidates for the Penticton municipal and school board election

Whitecaps see playoff dreams fade after 2-1 loss to FC Dallas

Goal in 87th minute seals Vancouver’s fate

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

Trans Canada now open west of Chase, ‘heavy delays’

Few details available about crash that closed Trans Canada Highway west of Chase Sunday, Sept. 23

Trump drains oxygen from Trudeau foreign policy with PM, Freeland bound for UN

A lot has changed since the Liberals came to power in Canada in 2015

B.C. man fined $15,000, barred from trading securities for fraud

Larry Keith Davis used money from an investor to pay personal bills

Emergency crews investigate small sulphuric acid spill in Kootenays

IRM states a small volume of less than one cup and three dime-sized drips were leaked from carrier

Most Read