BC Home Sales to Rise in 2019 BCREA 2018 Fourth Quarter Housing Forecast
Vancouver, BC – November 8, 2018. The British Columbia Real Estate Association (BCREA) released its 2018 Fourth Quarter Housing Forecast today.
Multiple Listing Service® (MLS® residential sales in theprovince are forecast to decline 23 per cent to 80,000 units this year,after recording 103,768 residential sales in 2017. MLS® residentialsales are forecast to increase 12 per cent to 89,500 units in 2019. The10-year average for MLS® residential sales in the province is 84,800units.
“The marked erosion of affordability and purchasing power causedby the mortgage stress test and rising interest rates continue to be adrag on the housing demand,” said Cameron Muir, BCREA Chief Economist.“However, continuing strong performance in the economy combined withfavourable demographics is expected to push home sales above their10-year average in 2019.”
Despite the mortgage policy drag on the sector, strongperformance of the BC economy continues to be highly supportive ofhousing demand. Five consecutive years of above trend growth in theprovince has led to a high level of employment and an unemployment ratethat appears to be at a cyclical low.
The combination of fewer home sales and a larger inventory ofhomes for sale has helped trend most markets to balanced conditions. As aresult, home price growth has slowed considerably, and is expected tomore closely reflect overall consumer price inflation through 2019. Inaddition, a record number of homes are under construction in BC, whichwill provide for much needed expansion of the housing stock and greaterprice stability.
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To view the full BCREA Housing Forecast, click here.
BCREAis the professional association for more than 23,000 REALTORS® in BC,focusing on provincial issues that impact real estate. Working with theprovince’s 11 real estate boards,BCREA provides continuing professional education, advocacy, economicresearch and standard forms to help REALTORS® provide value for theirclients.
To demonstrate the profession's commitment to improving Quality of Lifein BC communities, BCREA supports policies that help ensure economicvitality, provide housing opportunities, preserve the environment,protect property owners and build better communities with good schoolsand safe neighbourhoods.
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residential sales in theprovince are forecast to decline 23 per cent to 80,000 units this year,after recording 103,768 residential sales in 2017. MLS® residentialsales are forecast to increase 12 per cent to 89,500 units in 2019. The10-year average for MLS® residential sales in the province is 84,800units.
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