“Provincial housing markets continue to calm after peaking in March,” said BCREA Chief Economist Brendon Ogmundson. “The implementation of a stricter mortgage stress test in June may have a minor impact on home sales but we expect strong market activity over the second half of the year."
Total active residential listings were down 17 per cent year-over-year in May and dipped lower on a seasonally adjusted basis following two prior months of rising active listings.
“On the supply side, markets in the Lower Mainland are seeing a strong supply response, with new listings rising,” said Ogmundson, “however, new listings in markets outside of Metro Vancouver have started to flatten out.”
Source - BCREA
