Things are looking up for home sales in BC with a return to more average performance … but not until next year.
The latest forecast from the British Columbia Real Estate Association calls for a 5% decline in MLS sales for 2019 with around 75,000 units sold compared to 78,505 in 2018.
But for 2020, the association is forecasting an 11% rebound to take sales to near the 10-year average for MLS residential sales (85,800).
“BC markets are showing signs of recovery after nearly a year and a half of policy-induced declines,” said Brendon Ogmundson, BCREA Deputy Chief Economist. “We expect that recovery to continue into next year, with home sales normalizing around long-term averages.”
Resale inventory has reduced this year due to rising sales and active listings are well below the 2012 peak. At a provincial level, this means balanced market conditions with prices not seeing much upward pressure.
BCREA expects a 2.4% decrease in the MLS average price in 2019, rising 3% in 2020 to $718,000.