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

Former hostage negotiator to hold class in Victoria

Cathy MacDonald will teach communication skills on Sept. 26

B.C. Fire chiefs concerned over home-grown cannabis and fire hazards

More legislation is needed around electrical, fire codes

Saanich churches seek to spread the blessings of pet ownership

St. Luke Cedar Hill Anglican Church will hold its annual Blessing of the Animals Service Sunday

Can you name all four of Victoria’s ‘sister cities’?

Partnerships with Asian, Russian countries have resulted in tourism, investment opportunities

BC Hydro to offer sale of Kings Road land to Saanich

Preserving land as park ‘a no-brainer,’ says neighbour

VIDEO: Tour de Rock rider says event provides badly needed support

Cancer survivor and volunteer firefighter Nicole Emery speaks about importance of fundraising tour

Federal use of A.I. in visa applications could breach human rights, report says

Impacts of automated decision-making involving immigration applications and how errors and assumptions could lead to “life-and-death ramifications”

POLL: How much should rents increase in 2019?

A task force has recommended the provincial government limit rent increases for… Continue reading

Rattie scores 3 as Oilers blank Canucks 6-0

Vancouver slips to 1-5 in exhibition play

Veterans Affairs ordered to take second look before supporting vets’ relatives

Liberal government ordered officials to adopt a more critical eye

Dead B.C. motorcyclist was member of group that raced down mountain road

Some group members record their rides on Strathcona Parkway and post times to page

Indigenous athletes in spotlight at BC Sports Hall of Fame

New gallery to feature Carey Price, Kaila Mussel and Richard Peter

B.C. couple who went missing on flight from Edmonton named by family

Family released a statement Wednesday saying they’re still intent on finding the two-seater plane

VIDEO: A close look at what you were breathing during the B.C. wildfire season

Electron microscope images show soot and tar particles generated by worst B.C. fire season

Most Read