February 15, 2019 12:41 pm

Slowdown in housing market continued in January: B.C. Real Estate Association

A real-estate sign is pictured in Vancouver, Tuesday, June 12, 2018. The local real-estate board says home sales in Metro Vancouver in 2018 were the lowest since 2000.

THE CANADIAN PRESS Jonathan Hayward
A A

The B.C. Real Estate Association says the slowdown in the housing market provincewide continued in January.

READ MORE: U.S.-based platform aims to disrupt B.C.’s real estate market

Sales were down 33 per cent compared to the same month last year, and the average residential price of just under $666,000 was down 7.7 per cent from a year ago.

Association chief economist Cameron  Muir says the federal government created a policy-induced affordability shock last year when it tightened mortgage rules, and the resulting pullback in consumer demand is largely responsible for January’s lackluster performance.

READ MORE: Real estate app coming to Vancouver

“Many B.C. regions are now exhibiting buyer’s market conditions. “However, BC Northern, the Kootenay, Okanagan Mainline and the Vancouver Island markets continue to reflect balance between supply and demand,” said Muir.

© 2019 Global News, a division of Corus Entertainment Inc.

Report an error

Comments

Want to discuss? Please read our Commenting Policy first.