B.C. home prices virtually unchanged in April: report

Real estate association says prices rose by just 0.2 per cent compared to same time last year

Home prices across B.C. showed little change in April, according to the BC Real Estate Association.

In figures released Monday, the association said the average home price rose by just 0.2 per cent compared to April of last year, up to $730,507.

Some regions saw bigger increases, with Chilliwack prices going up by 16 per cent, Fraser Valley prices by 10.2 per cent, southern Okanagan prices by 15.9 per cent and Vancouver Island prices by 11.3 per cent.

However, sales were down 17 per cent across the province compared to the same time last year.

BCREA chief economist Cameron Muir said the new mortgage regulations have made buyers wary, but they have been adjusting.

The new rules, known as the “stress test,” mean all borrowers must now qualify for a mortgage based on either the five-year benchmark rate or their lender’s actual rate plus two per cent, whichever is higher. The change will apply to all mortgages, new or renewed, even if the down payment exceeds 20 per cent.

“The impact of more burdensome mortgage qualifications for conventional borrowers is expected to soften over the next several months as potential buyers adjust both their finances and expectations,” he said.

For the first four months of 2018, home sales dropped by 12 per cent, although the average price rose 5.7 per cent to $731,661.


@katslepian

katya.slepian@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Just Posted

Okanagan’s smoke filled skies toxic to pets

Pet owners should take extra precautions with pets until smoke dissipates

Smoke cancels Super League Penticton, organizers give pros a gift

Super League Penticton organizers decide to send all pro competitors to championship

Smoky skies means stay inside, according to Interior Health

The air quality in the Okanagan is considered a high risk

Air support grounded as fires fill the skies with smoke

Heavy smoke throughout the region thwarted efforts of BC Wildfire Saturday, as… Continue reading

‘Beauty amongst such tragedy:’ B.C. photographer captures nature’s trifecta

David Luggi’s photo from a beach in Fraser Lake shows Shovel Lake wildfire, Big Dipper and an aurora

Canadians fear for relatives trapped amid flooding in Indian state of Kerala

More than 800,000people have been displaced by floods and landslides

IndyCar driver Wickens flown to hospital after scary crash

IndyCar said Wickens was awake and alert as he was taken to a hospital

Ex-BCTF president ‘undeterred’ after early release from pipeline protest jail term

Susan Lambert and Order of Canada recipient Jean Swanson released early

Air support grounded as fires fill the skies with smoke

Update Aug. 19 1:25 p.m. A majority of air support is still… Continue reading

Crews continue extinguish Snowy Mountain Wildfire

The 13,359 hectare wildfire is classified as held

Flights from Kelowna International Airport affected by wildfire smoke

Passengers are being asked to check their flight’s status before arriving

Work continues on Monashee Complex wildfires

Crews will be assisted by helicopters if flying conditions improve

Fast food chains look to capitalize on vegetarian, vegan trend with new items

Seven per cent of Canadians consider themselves vegetarians and 2.3 per cent identify as vegans

Most Read