B.C. real estate group says market balancing out amid new mortgage rules, lower demand
The association says 7,884 units were sold within the Multiple Listing Service across the province in June, a 32.5 per cent decrease from the same month last year.
The average residential price was down 1.3 per cent from June of 2017 for a total sales value of $5.6-billion.
Brendon Ogmundson, the association’s deputy chief economist, says the impact of the tightened standards for both borrowers and lenders is still being felt.