Vancouver, BC – February 25, 2019. 

Courtesy of BCREA


The British Columbia Real Estate Association (BCREA) released its 2019 First Quarter Housing Forecast Update today.

Multiple Listing Service® (MLS®) residential sales in the province are forecast to increase 2 per cent to 80,000 units this year, after recording 78,345 residential sales in 2018.


MLS® residential sales are forecast to increase a further 6.9 per cent to 85,500 units in 2020.


The 10-year average for MLS® residential sales in the province is 85,800 units.


“The negative shock to affordability and purchasing power created by the B20 stress test on mortgage borrowers is expected to continue constraining housing demand in the province this year,” said Cameron Muir, BCREA Chief Economist. “Favourable demographics along with continuing strong performance of the BC economy is expected to underpin housing demand over the next two years.”


The policy-induced demand shock has contributed to an increase of the inventory of homes for sale in most regions of the province. As a result, market conditions are expected to provide little upward pressure on home prices this year, with the average annual residential price forecast to remain essentially unchanged, albeit up 0.5 per cent to $716,100.


Modest improvement in consumer demand is expected to unfold over the next two years as households further adjust to the mortgage stress test.


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Vancouver, BC – February 15, 2019. 

BCREA


The British Columbia Real Estate Association (BCREA) reports that a total of 3,546 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in January, a decline of 33.2 per cent from the same month last year.


The average MLS® residential price in the province was $665,590, a decline of 7.7 per cent from January 2018. Total sales dollar volume was $2.36 billion, a 38.4 per cent decline from the same month last year.


“BC households continue to grapple with the policyinduced affordability shock created last year by the federal government,” said Cameron Muir, BCREA Chief Economist. “The resulting pullback in consumer demand is largely responsible for January’s lacklustre performance.”


Total MLS® residential active listings increased 41.2 per cent to 29,522 units compared to the same month last year.


The ratio of sales to active residential listings declined from 25.4 per cent to 12 per cent over the same period.


“Many BC regions are now exhibiting buyer’s market conditions,” added Muir. “However, BC Northern, the Kootenay, Okanagan Mainline and the Vancouver Island markets continue to reflect balance between supply and demand.”

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