Kelowna Real Estate Market News

Mortgage Rules Effect BC Real Estate Sales March 2018


BC Real Estate Sales March 2018

 

The British Columbia Real Estate Association (BCREA) reports that a total of 7,409 residential unit sales were recorded by the Multiple Listing Service® (MLS®) across the province in March, a 24.6 percent decrease from the same month last year. The average MLS® residential price in BC was $726,930, up 5.3 percent from the previous year. Total sales dollar volume was $5.39 billion, a 20.6 percent decline from March 2017.

 

“More burdensome mortgage qualifications are having the predictable effect of swiftly curbing housing demand,” said Cameron Muir, BCREA Chief Economist. “You simply cannot pull as much as 20 percent of the purchasing power away from conventional mortgage borrowers and not create a downturn in consumer demand.”

 

Despite the decline in consumer demand, the supply of homes for sale remains low in most BC regions. Total active listings on the market are essentially unchanged from March 2017 and are at or near a 12-year low across the province. As a result, home prices are expected to continue an upward trajectory.

 

Year-to-date, BC residential sales dollar volume was down 1.7 percent to $13.9 billion, compared with the same period in 2017. Residential unit sales decreased 9.4 percent to 18,927 units, while the average MLS® residential price was up 8.5 percent to $732,243.


In the Kelowna and Central Okanagan Real Estate market the Residential Average Price in March 2018 was $521,192 up 9.7% from $475,173 in 2017.


Listing numbers have also increased slightly, by 5.6% to 2,816 listings.

 

 

To see the full report please click this link http://www.bcrea.bc.ca/docs/news-2018/2018-03.pdf

 

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