BCREA 2017 Second Quarter Housing Forecast
June 19th, 2017
BC Home Sales to Exceed 100,000 Units for Third Consecutive Year READ MOREBCREA 2017 Second Quarter Housing Forecast
Vancouver, BC – June 19, 2017. The British Columbia Real Estate Association (BCREA) released its 2017 Second
Quarter Housing Forecast today.
Multiple Listing Service® (MLS®) residential sales in the province are forecast to decline 10 per cent to 101,000
units this year, after reaching a record 112,209 units in 2016. Housing demand gained strength this spring, as
some of the effects of federal and provincial policy efforts to tamp it down dissipate. In addition, strong market
fundamentals continue to underpin an elevated level of home sales. The ten-year average for MLS residential
sales in the province is 84,700 units.
“The province is in its fourth year of above-trend
economic growth,” said Cameron Muir, BCREA Chief
Economist. “Strong employment growth, consumer
confidence and an influx of inter-provincial migrants are
important drivers of the housing market this year.” In
addition, with the millennial generation now entering
their household forming years, the condominium
market in major urban centres is experiencing pressure
on supply.
The average MLS® residential price in the province is
forecast to decline 1.1 per cent to $683,500 this year,
and increase 5.2 per cent to $719,100 in 2018. The decline in the provincial average price is largely due to rising
demand for more affordable condominiums and a larger proportion of home sales occurring outside the Metro
Vancouver region. The supply of homes for sale is at a 20-year low in the province, with sellers’ market
conditions prevelant across most BC regions and home types. READ MORE
