{"id":11957,"date":"2019-03-13T09:33:17","date_gmt":"2019-03-13T16:33:17","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=11957"},"modified":"2019-03-13T08:44:36","modified_gmt":"2019-03-13T15:44:36","slug":"bcrea-mortgage-stress-test-continues-to-dampen-home-sales","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/03\/bcrea-mortgage-stress-test-continues-to-dampen-home-sales\/","title":{"rendered":"BCREA Mortgage Stress Test Continues to Dampen Home Sales"},"content":{"rendered":"<p style=\"text-align: justify;\">Vancouver, BC \u2013 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\u00ae (MLS\u00ae) in February, a decline of 27% from the same month last year. The average MLS\u00ae residential price in the province was $678,625, a decline of 9.3% from February 2018. Total sales dollar volume was $3.08 billion, a 33.8% decline from the same month last year.<\/p>\n<p style=\"text-align: justify;\">\u201cProspective homebuyers continue to be sidelined by the mortgage stress test,\u201d said Brendon Ogmundson, BCREA Deputy Chief Economist. \u201cAs a consequence, and despite a strong BC labour market, sales remained slow in February.\u201d<\/p>\n<p style=\"text-align: justify;\">Total MLS\u00ae residential active listings increased 36.5% to 30,891 units compared to the same month last year. The ratio of sales to active residential listings declined from 27.4% to 14.7% over the same period.<\/p>\n<p style=\"text-align: justify;\">\u201cFalling mortgage rates should provide some relief for homebuyers, providing a small boost to affordability heading into the spring,\u201d added Ogmundson.<\/p>\n<p>\u00a0\u00a0\u00a0 <a href=\"https:\/\/www.roryc.ca\/blog\/?attachment_id=11958\" rel=\"attachment wp-att-11958\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-11958\" src=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/03\/BCREA-288x216.gif\" alt=\"\" width=\"455\" height=\"341\" \/><\/a><\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/www.bcrea.bc.ca\/docs\/news-2019\/2019-02.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">Click here<\/a> for the complete news release, including detailed statistics.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vancouver, BC \u2013 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\u00ae (MLS\u00ae) &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/03\/bcrea-mortgage-stress-test-continues-to-dampen-home-sales\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-11957","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>BCREA Mortgage Stress Test Continues to Dampen Home Sales &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2019\/03\/bcrea-mortgage-stress-test-continues-to-dampen-home-sales\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BCREA Mortgage Stress Test Continues to Dampen Home Sales &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Vancouver, BC \u2013 March 13, 2019. 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