Home sales in British Columbia will ease next year following the record pace set in 2016 according to a new forecast from the BC Real Estate Association.
This year’s sales were up 11 per cent to 113,800 but in 2017 the pace is expected to slow to by more than 15 per cent to 96,300 units. This remains well above the 85,000 10-year average.
“Housing demand across the province is expected to moderate next year as declining affordability related to rising prices and government policy interventions limit the number of eligible buyers,” said Cameron Muir, BCREA Chief Economist.
Prices will also ease in 2017 as greater supply combined with lower demand will create a more balanced market. Following the predicted 9.8 per cent rise in average MLS price for 2016 ($698,900), next year is expected to show a 6.4 per cent decline to average $654,200.
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