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

West Shore RCMP seize stolen gun, drugs

The search was part of a warrant in the 800-block of Cecil Blogg Drive in Colwood earlier this month

Victoria Native Friendship Centre pens angry letter to Greater Victoria School District

The VNFC is upset with how the School Board has approached hiring an Indigenous-focused educator

Jingle Mingle raises $754,000 to fuel leading-edge cancer research

Success and smiles at BC Cancer Foundation’s 12th annual Jingle Mingle

Canadians gobbled up 3.3 million whole turkeys for Christmas 2017

47 per cent of all whole turkeys sold that year, according to the Turkey Farmers of Canada.

Victoria celebrates 40 years of Tuba Christmas

Tuba Christmas dates back to 1974 where it originated in New York City

Break-in at home of detained Chinese Huawei executive

Meng Wanzhou was detained in Vancouver on America’s request

Natural gas rates will go up in B.C. on Jan. 1

Regions could pay up to $68 more

Top House Dems raise prospect of impeachment, jail for Trump

It could be an “impeachable offense” if it’s proven that President Donald Trump directed illegal hush-money payments to women during the 2016 campaign.

Macron addresses France amid protests; is it too late?

Paris monuments reopened, cleanup workers cleared debris and shop owners tried to put the city on its feet again Sunday.

CUPE calls off Flair Airlines job action citing job security concerns

The union says it’s going to challenge Flair’s move at the Canada Industrial Relations Board before proceeding with any job action.

Trump looking at several candidates for new chief of staff

Trump’s top pick for the job, Nick Ayers, is out of the running and Trump is now soliciting input on at least four individuals.

Canadian physicist collects Nobel Prize

Canada’s Donna Strickland is one of three winners of this year’s Nobel Prize for Physics.

BCHL players help Team Canada in shootout win over U.S.

Massimo Rizzo scores the shootout winner at World Junior A Challenge

Most Read