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

VIDEO: Cloverdale’s cancer fundraising country concert hit the mark

Organizers believe the $600,000 goal was reached at the annual Gone Country - Here for the Cure.

2018 Aldergrove Fair photo gallery

Good times from pony rides and petting zoo to free MainStage concerts

Letter: Save the little forested area in Murrayville

A Langley letter writer is concerned development will mean the loss of greenspace.

54-40 thrills Aldergrove Fair crowd: VIDEO

54-40 were joined on stage by the band members’ dancing children, the “Aldergrove Rockettes”

Man arrested in Maple Ridge in connection with Victoria-area murder

Daniel Creagh faces second-degree murder charge in death of Joseph Gauthier

BC Wildfire merges two Okanagan wildfires

Large plume of smoke seen over the fire was a controlled event

Why do they do it? Coaches guide kids to wins, personal bests at the BC Games

Behind the 2,300 B.C. athletes are the 450 coaches who dedicate time to help train, compete

Gold medallists at BC Games only trained together for 1 day

Ryan Goudron, Nathan Chan, Owen Pinto and Praise Aniamaka from Zone 4 - Fraser River ran together for the first time

Five taken to hospital after one of two Coquihalla accidents

One airlifted in critical condition, four taken via ambulance in stable condition

Government sets full-time salary range for Justin Trudeau’s nanny

At its top range, the order works out to a rate of $21.79 per hour, assuming a 40-hour work week

Lower Mainland teams battle for baseball gold at BC Games

Vancouver Coastal squeaked out a 3-2 win against Fraser Valley

Canada to resettle dozens of White Helmets and their families from Syria

There are fears the volunteers would become a target for government troops

Francesco Molinari wins British Open at Carnoustie

It is his first win at a major and the first by an Italian

Trio overcomes adversity at the BC Games

Zone 4 girl’s 3x3 basketball team fought through injuries and conflicting schedules

Most Read