Home Sales in BC to Peak in 2016 Before Slowing Next Year: BCREA Forecast

Sales of homes across BC are forecast to reach a record 115,200 units this year, up 12.3 per cent from 2015, before pulling back by more than 8 per cent next year, according to a market analysis from the British Columbia Real Estate Association (BCREA) published June 2. The association's second-quarter report said, “While the frenetic pace of consumer demand this spring is unlikely to be sustained over the longer term, BC’s strong-performing economy is expected to backstop the market and keep demand for housing at an above-average level through 2017.” Average prices across the province are predicted to rise, jumping 20.4 per cent in 2016 to $766,600 and then increasing at a much slower 3.4 per cent to $792,800 in 2017. “Robust employment growth and a marked increase in migration from other provinces is buoying consumer confidence and housing demand in most regions of the province,” said Cameron Muir, BCREA’s chief economist. “Record housing demand has depleted inventories in many urban areas, and the resulting imbalance between supply and demand has pushed home prices considerably higher."
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12 Simply Stylish Outdoor Room Updates

Turn your outdoor space into a lavish retreat with these stylish updates, from elegant water features to cozy porch swings.
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