BC Home Sales to Rise into 2016

The British Columbia Real Estate Association has released its 2015 First Quarter Housing Forecast Update.

Stronger economic conditions here at home and abroad combined with favourable interest rates and population growth are expected to bolster housing demand over the next two years. After a year in which housing demand was higher across the province, the retrenchment of oil prices is expected to attenuate housing demand in some regions while bolstering it in others. The Multiple Listing Service residential sales in British Columbia is forecast to rise 2.4 per cent to 86,050 units this year and a further 3.9 per cent to 89,400 units in 2016. The ten-year average is 82,100 unit sales. With a record 106,300 MLS residential sales were recorded in 2005.  

The average MLS residential sales price is forecasted to rise 4.5 per cent to $594,000 this year, with most of the upward pressure being on the South Coast. Elevated consumer demand is expected to be partially offset by resale inventories and additions to the housing stock in 2016. As a result, the average MLS  residential sales price is forecast to increase by 2.4 per cent to $608,500 next year