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

Fraser Valley fire departments form ‘strike teams’ to combat wildfires

Boston Bar, Chilliwack River Valley and Popkum departments form strike teams to fight wildfires

RCMP nab prolific car thief in Agassiz after month-long search

A province-wide warrant was issued for Brian Robert Stephan in June for a litany of offences

Take-home naloxone may be replacing 911 calls in parts of Lower Mainland

Naloxone kits handed out up 29% over 2017, ambulance calls and emergency visits down 22-24%, deaths hold steady

New riverfront path under development

A path suitable for mobility scooters, pedestrians, cyclists and baby strollers

UPDATE: Anonymous tip leads DFO night patrol to Fraser River poachers

Charges pending after poachers arrested at night while fishing, 48 sockeye, harbour seal seized

PHOTOS: B.C. city wakes up to darkness under wildfire smoke

The rest of the province also dealing with thick haze as smoky skies continue

Canadians react to death of former UN secretary-general Kofi Annan at age 80

Nobel Peace Prize-winning former UN leader died early Saturday following a short illness

44 drownings so far this year in B.C.

Lifesaving Society urging caution to prevent deaths while on lakes, oceans and in pools

Some of B.C.’s air quality levels worse than Jodhpur, India

Okanagan, northern B.C. seeing some of the worst air quality globally

Thousands to attend funeral service for officers killed in Fredericton shooting

Hundreds of officials marched in the parade, which included massed band, several police motorcycles

VIDEO: Ground crews keep a close eye on largest B.C. wildfire

Originally estimated to be 79,192 hectares, officials said more accurate mapping shows smaller size

Vancouver Island woman to attempt historic swim across Juan de Fuca Strait today

Ultra-marathon swimmer Susan Simmons to attempt to swim from Victoria to Port Angeles and back

Canadians believe in immigration but concerned about asylum seekers: study

Immigration, Refugees and Citizenship Canada paid for study to understand Canadian attitudes

These are the highest-paid actresses of 2018

In its list released this week Forbes said all 10 earned a total of $186 million before tax

Most Read