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

Single-vehicle crash on Highway 97 south of Vernon

Second crash on Highway 97 near Vernon Sunday

Crash on Highway 97 south of Vernon slows traffic

There is currently no word on the cause of the single-vehicle incident

North Okanagan road checks lead to several suspensions

BC RCMP’s CounterAttack campaign is cracking down on impaired driving

Vernon keyboard recitals a success

Students performed Nov. 25 at the Schubert Centre

Silver Star Water Utility advisory rescinded

The advisory put into effect Friday, Dec. 7 was rescinded Sunday, Dec. 9

VIDEO: This B.C. school leads country in vaccine donations to UNICEF

Federally funded Kids Boost Immunity uses quizzes to earn vaccinations

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

Elevated levels of coliform and arsenic leave small town dry

Boeser scores 3, Pettersson has 5 points as Canucks hammer Blues

Vancouver picks up impressive 6-1 win in St. Louis

Cold case files: Murdered woman still unidentified after 44 years

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

Okanagan Valley to see snow tonight

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

B.C. police stop drunk driver who offered up burger instead of ID

Roadblock checks over the weekend found at least two other impaired drivers

Being vegan during the holidays just got a little bit better

Cook up these delicious options during the holidays

In Canada, the term ‘nationalism’ doesn’t seem to have a bad rap. Here’s why

Data suggest that Canadians don’t see the concept of nationalism the way people do in the United States

Update: Sicamous and Tumbler Ridge neck and neck in the Sled Town Showdown

Both communities in the final round have amassed over 10,000 votes

Most Read