Thursday, March 28, 2024
ADVT 
National

B.C. home sales move back to normal: association

Darpan News Desk The Canadian Press, 12 May, 2022 03:19 PM
  • B.C. home sales move back to normal: association

VANCOUVER - The British Columbia Real Estate Association says the sharp increase in mortgage rates is pushing the province's home sales down "a path to normalizing," although it estimates a balanced market is at least a year away.

The association has released the B.C. home sales figures for April, showing 8,939 properties changed hands last month, a decrease of 34.9 per cent from the record high set in April last year.

However, prices continue to climb, averaging $1.065 million in April, a 12.9 per cent increase over the same period in 2021.

Association chief economist Brendon Ogmundson says fewer homes are listed for sale, meaning market conditions remain tight, but listings are "starting to accumulate" in some markets.

The April report shows the number of sales to active listings still remains far above 20 per cent in all B.C. regions, putting continued upward pressure on prices.

The association says provincial active listings were 7.5 per cent lower in April than in the same month last year, but Ogmundson predicts the trend will reverse as demand fades.

“Canadian mortgages have sharply increased, surpassing four per cent for the first time in a decade,” says Ogmundson.

“With interest rates rising, demand across B.C. is now on a path to normalizing," he says in the statement released Thursday.

MORE National ARTICLES

Fatal flight was too heavy, Toronto-bound: Witness

Fatal flight was too heavy, Toronto-bound: Witness
The woman, who asked not to be identified because she was afraid for her safety, said she spoke with pilot Abhinav Handa at the Boundary Bay Airport in Delta, B.C., before his plane took off on the cross-country trip in late April.

Fatal flight was too heavy, Toronto-bound: Witness

Talks break off in Sea-to-Sky transit dispute

Talks break off in Sea-to-Sky transit dispute
Talks on Wednesday between Unifor Local 114 and BC Transit contractor PW Transit were the first in weeks, prompting hopes of movement in the job action that began three-and-half months ago.

Talks break off in Sea-to-Sky transit dispute

Police seize ammunition, over $1400 in cash, and 550 grams of suspected fentanyl

Police seize ammunition, over $1400 in cash, and 550 grams of suspected fentanyl
During the investigation, officers located a handgun, ammunition, $1,455 in Canadian currency, 550 grams of suspected fentanyl, 140 grams of suspected methamphetamine, 18 grams of suspected crack cocaine and 45 grams of unknown pills. 

Police seize ammunition, over $1400 in cash, and 550 grams of suspected fentanyl

B.C. politician pops question while in legislature

B.C. politician pops question while in legislature
Glumac, the member for Port Moody-Coquitlam, stood in the legislature to acknowledge all the partners who support the unique work that politicians in the legislature do, saying it certainly isn’t a normal job.

B.C. politician pops question while in legislature

B.C. man not criminally responsible in mom's death

B.C. man not criminally responsible in mom's death
Justice Geoffrey Gomery says in his ruling that Webster had suffered from schizophrenia for years and bludgeoned his sleeping mother because he believed family members wanted to kill him and steal the inheritance he had received from his grandmother.

B.C. man not criminally responsible in mom's death

Man banned from owning firearms arrested with a loaded gun in Whalley: Surrey RCMP

Man banned from owning firearms arrested with a loaded gun in Whalley: Surrey RCMP
Police quickly arrived in the area and located the two suspects who fled in separate directions. A foot pursuit ensued and one of the suspects allegedly threw a loaded firearm into a bush as he was running from police. The suspect was taken into police custody and the firearm was located.    

Man banned from owning firearms arrested with a loaded gun in Whalley: Surrey RCMP

PrevNext