Despite slowing sales caused by government interventions, 12-year-low home listings means prices will “continue upward trajectory,” asserts real estate association.
The number of homes for sale across the province are at or near a 12-year low, pushing prices ever upwards, according to the B.C. Real Estate Association’s monthly statistical report released April 12.
Sales of homes on the Multiple Listing Service® (MLS®) across the province in March were down 24.6 per cent from the same month last year. The BCREA said this was caused in large part by government measures to cool the housing market such as the strict new mortgage qualification rules launched in January, which typically removes about 20 per cent of home buyers’ purchasing power.