Close X
Wednesday, December 4, 2024
ADVT 
National

New Mortgage Rules Behind Slide In B.C. Home Sales: Real Estate Association

The Canadian Press, 14 Mar, 2018 12:26 PM
    VANCOUVER — The British Columbia Real Estate Association says tough mortgage qualification rules are a key reason for a provincewide drop in housing demand last month compared with February 2017.
     
     
    The association says home sales fell 5.7 per cent in February, with about 6,200 properties changing hands.
     
     
    Chief economist Cameron Muir says on a seasonally adjusted basis, sales have plummeted more than 26 per cent since new federal mortgage rules took effect at the beginning of the year.
     
     
    But the association says prices continue to climb, with the average home selling for just over $748,000, an 8.8 per cent jump over February of last year. 
     
     
    The Office of the Superintendent of Financial Institutions implemented new lending guidelines in January that require borrowers who don't need mortgage insurance to show they would still be able to make payments if interest rates rise.
     
     
    In order to get insurance, homebuyers must prove they can service their uninsured mortgage at a qualifying rate two percentage points higher than the lender's rate or the Bank of Canada's five-year benchmark rate, currently set at 5.14 per cent.
     

    MORE National ARTICLES

    Canada-US Women's Group Created By Trudeau, Ivanka Trump Issues First Proposals

    Canada-US Women's Group Created By Trudeau, Ivanka Trump Issues First Proposals
    It's the first of five anticipated reports from the Canada-U.S. Council for Advancement of Women Entrepreneurs and Business Leaders, created during Trudeau's first meeting with Trump last February.

    Canada-US Women's Group Created By Trudeau, Ivanka Trump Issues First Proposals

    2 Canadians Kidnapped On Road To Capital In Nigeria

    2 Canadians Kidnapped On Road To Capital In Nigeria
    OTTAWA — Global Affairs Canada says it's aware of reports that two Canadian citizens have been kidnapped in Nigeria.

    2 Canadians Kidnapped On Road To Capital In Nigeria

    Halifax Man Jailed After Forcing Woman Into Prostitution, Denying Her Food

    HALIFAX — A Halifax man who pushed a young woman back into prostitution, and admitted threatening to chop her up and serve her at a dinner party, has been sentenced to 16 months in jail.

    Halifax Man Jailed After Forcing Woman Into Prostitution, Denying Her Food

    'Racist' Posters Removed From University Of New Brunswick Campus

    'Racist' Posters Removed From University Of New Brunswick Campus
    FREDERICTON — Posters featuring a "racist and bigoted" message have been removed from a number of buildings on the University of New Brunswick campus in Fredericton.

    'Racist' Posters Removed From University Of New Brunswick Campus

    Woman's Body Switched At Funeral Home, Accidentally Cremated: Grieving Family

    Woman's Body Switched At Funeral Home, Accidentally Cremated: Grieving Family
    A Nova Scotia regulator is investigating a bizarre mix-up at a funeral home that provided two wrong bodies to a grieving family before realizing their loved one had accidentally been cremated.

    Woman's Body Switched At Funeral Home, Accidentally Cremated: Grieving Family

    Bank Of Canada Hikes Interest Rate To 1.25%, Cites Strong Economic Data

    Bank Of Canada Hikes Interest Rate To 1.25%, Cites Strong Economic Data
    Recent Data Have Been Strong, Inflation Is Close To Target, And The Economy Is Operating Roughly At Capacity

    Bank Of Canada Hikes Interest Rate To 1.25%, Cites Strong Economic Data