Housing Market Reacts to Mortgage Stress Test
Vancouver, BC – August 20, 2018. The British Columbia Real Estate Association (BCREA) released its 2018 Third Quarter Housing Forecast Update today.
Multiple Listing Service® (MLS®) residential sales in the province are forecast to decline 21
“The BC housing market is grappling with a sharp decline in affordability caused by tough B20 stress test rules for conventional mortgages,” said Cameron Muir, BCREA Chief Economist. “While these rules have had a negative effect on housing demand across the country, the impact has been especially severe in BC’s large urban
In spite of the policy-driven downturn in housing demand, strong fundamentals continue to underpin the market. Demographics are highly
The pullback in BC home sales is helping alleviate a chronic shortage of supply. After trending at decade lows, active listings in the province were up nearly 20