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Stress test impact may be fading in BC

 

by Steve Randall13 Sep 2018

The British Columbia Real Estate Association says there are positive signs in the market and believes the impact of the mortgage stress tests may be easing.

The association has reported sales data for August which shows 6,743 residential sales, down 26.4% year-over-year. Year-to-date sales are down 21.3% from the same period of 2017 to 57,674.

Prices averaged $669,776, 1.2% lower than August 2017, reversing the downward trend of recent months. Year-to-date, the average MLS price is up 1.7% to $719,064.

“The downturn in housing demand induced by the mortgage stress-test is now largely behind us,” said Cameron Muir, BCREA Chief Economist. “The BC housing market is evolving along the same path blazed by Ontario and Alberta, where the initial shock of the mortgage stress-test is already dissipating, leading to increasing home sales.”

Total dollar volume of August sales in BC was $4.5 billion, down 27.3% year-over-year. Year-to-date total dollar volume was down 19.9% to $41 billion.

The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.