Last month, the Bank of Canada announced that they would be lowering the mortgage qualifying rate for the B-20 Stress Test in hopes that it would allow more people to access the real estate market. This good news came after the BC Real Estate Association’s (BCREA) prediction that home sales had suffered by nearly 10% because of this government’s stress test. Now, it seems like the market may be facing even more good fortune with a sharp rise in new listings!

The BCREA has revealed that the year-over-year number of active listings in July rose 12.8% from the same time last year, while the sales-to-active listing ratio remained roughly the same at 19.1%. These numbers represent a balanced market with a healthy amount of turnover for home sales, meaning that conditions may be perfect for both buyers and sellers. For the first time in 18 months, BC home sales have risen when compared with last year, and after months of a predicted market cooling and uncertainty, this is exactly the kind of good news needed to invigorate the market.

While this increase in home listings may not have been directly caused by the qualifying rate reduction, it does mean that the market may be lining up for people who’re ready to buy a home. A higher number of active listings mixed with a lower qualifier means the time is now, just get in touch today to start your journey!