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

Gord McArthur back in action from retirement

After eight years McArthur slew his kryptonite at the World Cup Ice Climbing tour in Switzerland

RDEK takes steps towards reducing carcass pit use

The first step towards addressing the issue of carcass pits in the… Continue reading

Celtic tradition is Heather Rankin’s musical starting point

Cape Breton singer’s Key City Theatre stop her first show of 2019, first solo show in B.C.

Soccer registration in full swing for 2019

KEYSA has started their soccer registration for the REP/development and house streams

MP Stetski elected chair of NDP’s B.C. caucus

Caucus meets weekly to discuss federal issues relevant to the province

VIDEO: Canada’s flag turns 54 today

The maple leaf design by George Stanley made its first appearance Feb. 15, 1965

Woensdregt: ‘Imprinting the Day’

Rev. Yme Woensdregt Many of us, even faithful believers, feel like we… Continue reading

Former B.C. premier Gordon Campbell accused of sexual touching

Accuser went to police, interviewed by Britian’s Daily Telegraph

Judge rules Abbotsford home must be sold after son tries to evict mom

Mom to get back down payment and initial expenses

Trump officially declares national emergency to build border wall

President plans to siphon billions from federal military construction and counterdrug efforts

Snow turns to slush, rain as it warms up across B.C.’s south coast

Some areas are already covered by more than half a metre of snow following three separate storms

Father to be charged with first-degree murder in Amber Alert case

11-year-old Riya Rajkumar was found dead in her father’s home in Brampton, Ontario

WATCH: New Retro Sound and Collectibles owners to focus heavily on music

The next in our series of Cranbrook business features

Police track armed kidnapping across Thompson-Okanagan

RCMP allege it was a targeted crime believed to be linked to the drug trade

Most Read