{"id":8536,"date":"2018-03-14T09:33:51","date_gmt":"2018-03-14T16:33:51","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=8536"},"modified":"2018-03-14T09:34:42","modified_gmt":"2018-03-14T16:34:42","slug":"new-mortgage-qualification-rules-temper-housing-demand","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/03\/new-mortgage-qualification-rules-temper-housing-demand\/","title":{"rendered":"New Mortgage Qualification Rules Temper Housing Demand"},"content":{"rendered":"<p style=\"text-align: justify;\">Vancouver, BC \u2013 March 14, 2018. The British Columbia Real Estate Association (BCREA) reports that a total of 6,206 residential unit sales were recorded by the Multiple Listing Service\u00ae (MLS\u00ae) across the province in February, a 5.7% decrease from the same period last year. The average MLS\u00ae residential price in BC was $748,327, up 8.8% from the previous year. Total sales dollar volume was $4.64 billion, a 2.6% increase from February 2017.<\/p>\n<p style=\"text-align: justify;\">\u201cMore stringent mortgage qualification rules for conventional borrowers are dampening housing demand in the province,\u201d said Cameron Muir, BCREA Chief Economist. \u201cSince the new rules came into effect, BC home sales have fallen more than 26%, on a seasonally adjusted basis.\u201d<\/p>\n<p style=\"text-align: justify;\">Previous mortgage policy tightening has negatively impacted housing demand for a period of four to seven months, with the largest impact occurring in the third month after implementation.<\/p>\n<p style=\"text-align: justify;\">Year-to-date, BC residential sales dollar volume was up 15.9% to $8.47 billion, compared with the same period in 2017. Residential unit sales increased 4.1% to 11,516 units, while the average MLS\u00ae residential price was up 11.3% to $735,755.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0 <a href=\"https:\/\/www.roryc.ca\/blog\/2018\/03\/new-mortgage-qualification-rules-temper-housing-demand\/bcrea-30\/\" rel=\"attachment wp-att-8537\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-8537\" src=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2018\/03\/bcrea-300x169.gif\" alt=\"\" width=\"573\" height=\"323\" srcset=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2018\/03\/bcrea-300x169.gif 300w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2018\/03\/bcrea-768x432.gif 768w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2018\/03\/bcrea-420x236.gif 420w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2018\/03\/bcrea-310x174.gif 310w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2018\/03\/bcrea-630x354.gif 630w\" sizes=\"auto, (max-width: 573px) 100vw, 573px\" \/><\/a><\/p>\n<p><a href=\"http:\/\/www.bcrea.bc.ca\/docs\/news-2018\/2018-02.pdf\" target=\"_blank\" rel=\"noopener\">Click here<\/a> for the complete news release, including detailed statistics.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vancouver, BC \u2013 March 14, 2018. The British Columbia Real Estate Association (BCREA) reports that a total of 6,206 residential unit sales were recorded by the Multiple Listing Service\u00ae (MLS\u00ae) &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/03\/new-mortgage-qualification-rules-temper-housing-demand\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-8536","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>New Mortgage Qualification Rules Temper Housing Demand &#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\/2018\/03\/new-mortgage-qualification-rules-temper-housing-demand\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"New Mortgage Qualification Rules Temper Housing Demand &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Vancouver, BC \u2013 March 14, 2018. 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