skip to Main Content

B.C. home sales off the boil but prices remain hot

By Joannah Connolly for Vancouver Courier

Whether it was the intended consequence or not, Canada’s tough new mortgage qualification rules have made it harder for many people to buy homes, which has led to a lull in activity in the country’s hottest real estate markets.

In B.C., “less frenetic housing demand” has resulted in July home sales across the province dropping 23.9 per cent compared with July last year, according to B.C. Real Estate Association (BCREA) figures released August 13.

Vancouver Real Estate News, Market Updates, Insider Tips, Stats, & Analysis

Sign up for insider real estate news & tips from our podcasting team.

Are you a realtor? Click here
Selling Your Home? Click here

  • Reload
  • Should be Empty:

Cameron Muir, BCREA chief economist, said, “The B.C. housing market continues to grapple with the sharp decline in affordability caused by tough new mortgage qualification rules. However, less frenetic housing demand has created more balanced market conditions in many regions, leading to fewer multiple offers and more choice for consumers.”

The BCREA’s graph below shows how July’s sales compare with provincial sales totals since 2002.

Continue reading the full story here >>

This Post Has 0 Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

As Seen and Heard On

Media enquiries and press contact info:

© 2020 Matt Scalena PREC* & Adam Scalena PREC* , all rights reserved • Site MapBy Line49 Web Design, Vancouver BC

*Considering a real estate transaction? One of the first decisions you will need to make is whether you should work with a licensed real estate professional who will represent you. Take a moment to read this important consumer protection information from the Real Estate Council of BC. This form explains the special legal duties that real estate professionals owe to their clients. CLICK HERE and please call 778-847-2854 or 778-866-4574 immediately if you would like to discuss.

Back To Top