Mortgage rules exacerbating B.C. housing sales slump

Tue, Sep 18, 2012

Vancouver Real Estate

The value of home sales in B.C. declined more than 25 per cent last month compared to a year ago, according to a report from the B.C. Real Estate Association. That drop is steeper than in any other province, but reflects a broader housing slowdown stemming in part from stricter mortgage rules across the country. Sales of residential units in the province last month decreased $2.6 billion — 25.4 per cent — compared to August 2011. The number of home sales in B.C. declined to 5,337 last month, a year-over-year drop of 18 per cent.

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