Despite a decline in home sales in British Columbia this year, total sales are still forecast to exceed 100,000 for the third consecutive year.
The BC Real Estate Association is expecting 101,000 sales for 2017, down 10 per cent from the record high of 112,209 in 2016. This remains well above the 10-year average of 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.”
Spring activity has been strong as government measures to cool the market have started to dissipate.
Prices are expected to end 2017 down 1.1 per cent to an average $683,500 before gaining 5.2 per cent in 2018 to reach $719,100.
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