Around Town: BCREA 2nd Quarter Housing Forecast
The British Columbia Real Estate Association (BCREA), in its 2nd Quarter Housing Forecast, stated that housing demand across the province this year is expected to produce the highest level of unit sales since 2007.
The alignment of economic growth, consumer confidence and rock-bottom mortgage interest rates is pushing home sales significantly higher. Multiple Listing Service® (MLS®) residential sales in British Columbia are forecast to rise 12 percent to 94,300 units this year. This will be the first year since 2007 that BC home sales will surpass the ten year average.
Stronger than expected housing demand during the busy spring market has propelled overall market conditions on Vancouver Island to the margin between a balanced and sellers’ market. Total active listings in the market were down approximately 8 per cent during the first four months of the year. This suggests home prices are rising slightly above the rate of overall inflation.
The MLS® Benchmark price for a single detached home was up 3.4 per cent in April compared to the previous year. The average MLS® residential price is expected to increase nearly 3 per cent to $338,000 this year and a little over 2 per cent to $345,500 in 2016.
For updated information contact:
Communications Department, VIREB
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