New data this week confirms that residential real estate continues to boom in British Columbia.

The BC Real Estate Association’s second quarter housing forecast calls for a record 115,200 units to be sold in 2016 through the MLS, that’s up 12.3 per cent year-over-year to break the previous record set in 2005 (105,600).

Prices are set to surge again, up 20.4 per cent to an average MLS price of $766,600. The outlook for 2017 is for a more modest 3.4 per cent increase.

“Record housing demand has depleted inventories in many urban areas, and the resulting imbalance between supply and demand has pushed home prices considerably higher,” commented Cameron Muir, BCREA Chief Economist.

Inventory will be helped by increased construction with BCREA predicting a 20 per cent rise in new housing starts this year.

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