Home Sales in BC to Reach New Heights!
According to the Second Quarter Housing Forecast published by the British Columbia Real Estate Association (BCREA), the harmony between economic growth, consumer confidence, and rock-bottom mortgage interest rates is pushing home sales significantly higher.
Multiple Listing Service® (MLS®) residential sales in BC are forecast to rise 12 per cent to 94,300 units this year, while MLS® residential sales are forecast to edge back nearly 3 per cent to 91,600 units in 2016. This will be the first year since 2007 that BC home sales will surpass the ten year average.
As per the report, nine of BC’s 11 real estate board areas are forecast to experience increased housing demand this year. The Vancouver area, as well as the Fraser Valley area, are set to lead the province with a 16 to 17 per cent increase in residential sales.
The average MLS® residential price in the province is predicted to increase 7.4 per cent to $610,500 this year, and a further 1.7 per cent to $621,000 in 2016.
“While many parts of Canada are struggling with the aftershock of falling oil prices, the BC economy is in the enviable position of being a growth leader. Household spending is on an upswing, reinvigorating the provincial housing market and boosting retail sales,” the report stated.