Mortgage Stress Test Continues to Dampen Home Sales in February
For the complete news release, including detailed statistics, click here.
Vancouver, BC – March 13, 2019. The British Columbia Real Estate Association (BCREA) reports that a total of 4,533 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in February, a decline of 27 per cent from the same month last year. The average MLS® residential price in the province was $678,625, a decline of 9.3 per cent from February 2018. Total sales dollar volume was $3.08 billion, a 33.8 per cent decline from the same month last year.
“Prospective homebuyers continue to be sidelined by the mortgage stress test,” said Brendon Ogmundson, BCREA Deputy Chief Economist. “As a consequence, and despite a strong BC labour market, sales remained slow in February.”
Total MLS® residential active listings increased 36.5 per cent to 30,891 units compared to the same month last year. The ratio of sales to active residential listings declined from 27.4 per cent to 14.7 per cent over the same period.
“Falling mortgage rates should provide some relief for homebuyers, providing a small boost to affordability heading into the spring,” added Ogmundson.
For more information, please contact:
Deputy Chief Economist
Email: [email protected]
To subscribe to receive BCREA publications such as this one, or to update your email address or current subscriptions, click here.
What we do
Popular tags within Economics
- Statistical Releases
- Professional Development Program
- Housing Affordability
- Housing Supply
Popular posts from BCREA
Housing Market Update – September 2023Sep 15, 2023
Mortgage Rate ForecastSep 21, 2023