{"id":20725,"date":"2022-10-19T10:10:00","date_gmt":"2022-10-19T17:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=20725"},"modified":"2022-10-14T10:11:21","modified_gmt":"2022-10-14T17:11:21","slug":"bcrea-mortgage-qualifying-continues-to-be-a-significant-hurdle-for-potential-buyers","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2022\/10\/bcrea-mortgage-qualifying-continues-to-be-a-significant-hurdle-for-potential-buyers\/","title":{"rendered":"BCREA Mortgage Qualifying Continues to Be A Significant Hurdle for Potential Buyers"},"content":{"rendered":"<p style=\"text-align: justify;\">Vancouver, BC \u2013 October 12, 2022. The British Columbia Real Estate Association (BCREA) reports that a total of 4,977 residential unit sales were recorded by the Multiple Listing Service\u00ae (MLS\u00ae) in September 2022, a decrease of 45.8% from September 2021. The average MLS\u00ae residential price in BC was $927,119, a 1.7% increase from $912,008 recorded in September 2021. Total sales dollar volume was $4.6 billion, a 44.9% decline from the same time last year.<\/p>\n<p style=\"text-align: justify;\">\u201cMortgage qualifying continues to be a significant hurdle for many potential buyers as interest rates rise,\u201d said BCREA Chief Economist Brendon Ogmundson. \u201cIn addition, many trends that drove demand in smaller markets, such as remote work and the quest for affordable space, have faded in prominence. As a result, we see a stronger pullback in markets outside of major metropolitan areas.\u201d<\/p>\n<p style=\"text-align: justify;\">Year-to-date, BC residential sales dollar volume was down 24.2% from the same period in 2021 to $68.5 billion. Residential unit sales were down 31.8% to 67,547 units, while the average MLS\u00ae residential price was up 11.3% to $1.01 million.<\/p>\n<p><a href=\"https:\/\/www.bcrea.bc.ca\/wp-content\/uploads\/2022-09.pdf\" target=\"_blank\" rel=\"noopener\">Click here<\/a> for the complete news release, including detailed statistics.<\/p>\n<p><a href=\"https:\/\/www.bcrea.bc.ca\/economics\/bc-market-activity-remains-subdued-in-september\/\" target=\"_blank\" rel=\"noopener\">BC Market Activity Remains Subdued in September<\/a> by Brendon Ogmundson | Chief Economist | BCREA<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vancouver, BC \u2013 October 12, 2022. The British Columbia Real Estate Association (BCREA) reports that a total of 4,977 residential unit sales were recorded by the Multiple Listing Service\u00ae (MLS\u00ae) &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2022\/10\/bcrea-mortgage-qualifying-continues-to-be-a-significant-hurdle-for-potential-buyers\/\">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-20725","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 Qualifying Continues to Be A Significant Hurdle for Potential Buyers &#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\/2022\/10\/bcrea-mortgage-qualifying-continues-to-be-a-significant-hurdle-for-potential-buyers\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BCREA Mortgage Qualifying Continues to Be A Significant Hurdle for Potential Buyers &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Vancouver, BC \u2013 October 12, 2022. 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