Housing sales across the province continued to cool in the month of August, according to the latest numbers from the British Columbia Real Estate Association.
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Those numbers indicate sales were down 26 per cent compared to the same month a year ago, and the average residential price of just under $670,000 was down 1.2 per cent from a year ago.
However, the association’s chief economist, Cameron Muir, says the numbers also indicate the downturn in housing demand induced by the tightening of the federal government’s mortgage stress-test rules is now largely behind us.
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He says the B.C. housing market is evolving along the same path blazed by Ontario and Alberta, where the initial shock of the mortgage stress-test is already dissipating and home sales are increasing.
Home sales should start to rise in the fall: BC Real Estate Association