Home sales in B.C. are falling, taking national sales along with it. The lows with which British Columbia home sales are hobbled with have not been seen in 10 years, the Canadian Real Estate Association (CREA) said on Monday. Global News Canada reported that the latest quarterly forecast displays further hits to affect home sales.

These can be traced to strict mortgage stress-tests. Interest rates at an all-time high don't help the cause any further as the slum, falling into a nine-year low of 456,200 units sold, is still expected to fall 0.5 percent further. The earliest value had been pegged at an 11 percent deficit, good for only 458,200 units sold and the previous low.

The fall was spurred further by 18 percent of buyers-most of them would-be buyers-being locked out of the market. Residential sales have also been pinpointed by analysts to be 21 percent lower this year than last year, further complicating the picture of things. Overall, it doesn't seem as if the troubles will stop for B.C. and Vancouver real estate markets.

These stress tests, according to Vancouver, are meant to encourage less borrowing among potential buyers and investors. Will Dunning, MPC's chief economist, revealed that and followed up that these buyers and investors will either have to search for more funding for their down payments. The other option is to settle for less expensive investments or properties.

While the MPC policy is good for protecting buyers from overstretching budgets, the qualifying budget for that is burdensome, especially for first time home buyers or investors looking for their first significant asset.

The effect has already been felt not just in B.C. and Vancouver. The Lower Mainland already has a surplus of houses waiting for buyers, largely because investors have preferred to 'wait and see.' Quebec and Ontario, meanwhile, have been forecasted to have gains rather than lows. Ontario, in particular, is scheduled to bounce back following a downward trend in sales recorded this year.

Quebec, for its part, has been overachieving. Sales in the New Brunswick and Maritimes area had been the strongest it's ever been, according to the CREA.

The CREA, a 125,000-strong organization, of which are mainly realtors across Canada, projected a price hike for home prices next year. The price will go up to as high as 1.7 percent up to $496,800.