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buyers into the market. At Qualicum Landing on Vancouver Island, for instance, prices were reduced by 60 per cent on some waterfront cottages. If you are looking to buy a new vacation home in B.C., it may be wise to shop this summer. Your local Realtor has access to all vacation home property for sale across the province. Prices rising, despite slower B.C. sales The average price of a B.C. residential property rose 8 per cent in June, compared to the same month last year, but a
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buyer's market is now being seen right across the province, according to the B.C. Real Estate Association. "Market conditions have shifted from balanced conditions at the start of the year to a buyer's market this summer," said Cameron Muir, the Association's chief economist. Last month there was 9.3 months supply of properties listed for sale on the Multiple Listing Service across B.C., up from a 5.9 months supply in January, Muir noted. He added that mortgage changes that created tighter lending conditions for buyers of investment property and for buyers with high-ratio loans have "moderated consumer
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demand." In April, the federal government ruled that buyers must qualify at the higher five-year mortgage rate, even if they opted for a lower rate, such as a variable rate mortgage. Buyers of investment property must also have larger downpayment than previously required. Over the past six months, residential sales in B.C. rose 17 per cent to 42,343 units, while the average MLS residential price increased 13 per cent to $504,281. In Greater Vancouver, the average price of a detached house in June was $657,934, compared to $575,949 in June of 2009. Active listings increased to 18,752 properties, up 30.6 per cent from a year earlier.
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