{"id":9478,"date":"2018-06-15T08:08:08","date_gmt":"2018-06-15T15:08:08","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=9478"},"modified":"2018-06-15T08:33:43","modified_gmt":"2018-06-15T15:33:43","slug":"bcrea-mortgage-policy-changes-hit-affordability-hard","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/06\/bcrea-mortgage-policy-changes-hit-affordability-hard\/","title":{"rendered":"BCREA Mortgage Policy Changes Hit Affordability Hard"},"content":{"rendered":"<p style=\"text-align: justify;\">Vancouver, BC \u2013 June 15, 2018. The British Columbia Real Estate Association (BCREA) reports that a total of 8,837 residential unit sales were recorded by the Multiple Listing Service\u00ae (MLS\u00ae) across the province in May, a 28.7% decrease from the same month last year. The average MLS\u00ae residential price in BC was $739,783, down 1.7% from May 2017. Total sales dollar volume was $6.54 billion, a 30% decline from May 2017.<\/p>\n<p style=\"text-align: justify;\">\u201cBC home sales continued to slow in May because of more stringent qualifications for conventional borrowers,\u201d said Cameron Muir, BCREA Chief Economist. \u201cThe changes in mortgage policy are taking their toll on housing demand, not only in British Columbia, but across the country by reducing household purchasing power and housing affordability.\u201d<\/p>\n<p style=\"text-align: justify;\">While the decline in consumer demand has lifted the inventory of homes for sale, total active residential listings in the province are still relatively low by historical comparison.<\/p>\n<p style=\"text-align: justify;\">Year-to-date, BC residential sales dollar volume was down 13.8% to $26.4 billion, compared with the same period in 2017. Residential unit sales decreased 16.6% to 35,976 units, while the average MLS\u00ae residential price was up 3.4% to $733,616.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0 <a href=\"https:\/\/www.roryc.ca\/blog\/2018\/06\/bcrea-mortgage-policy-changes-hit-affordability-hard\/bcrea-34\/\" rel=\"attachment wp-att-9479\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-9479\" src=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2018\/06\/bcrea-288x162.jpg\" alt=\"\" width=\"549\" height=\"309\" srcset=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2018\/06\/bcrea-288x162.jpg 288w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2018\/06\/bcrea-768x432.jpg 768w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2018\/06\/bcrea-420x236.jpg 420w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2018\/06\/bcrea-310x174.jpg 310w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2018\/06\/bcrea-630x354.jpg 630w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2018\/06\/bcrea.jpg 800w\" sizes=\"auto, (max-width: 549px) 100vw, 549px\" \/><\/a><\/p>\n<p><a href=\"http:\/\/www.bcrea.bc.ca\/docs\/news-2018\/2018-05.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 June 15, 2018. The British Columbia Real Estate Association (BCREA) reports that a total of 8,837 residential unit sales were recorded by the Multiple Listing Service\u00ae (MLS\u00ae) &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/06\/bcrea-mortgage-policy-changes-hit-affordability-hard\/\">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-9478","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 Policy Changes Hit Affordability Hard &#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\/06\/bcrea-mortgage-policy-changes-hit-affordability-hard\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BCREA Mortgage Policy Changes Hit Affordability Hard &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Vancouver, BC \u2013 June 15, 2018. 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