BCREA released 2016 First Quarter Housing Forecast Update today.
MLS® rresidential sales in BC are forecast to edge back 6.2 per cent to 96,100 units this year, after reaching 102,517 units in 2015. Strong consumer demand is expected to push MLS® residential sales up by 2 per cent to 98,000 units in 2017.
The inventory of homes for sale is now at its lowest level in almost a decade,
Fewer homes for sale and strong consumer demand are expected to push home prices higher in most BC regions this year and in 2017.
The average MLS® residential price in the province is projected to increase 6.4 per cent to $677,200 this year and a further 4.1 per cent to $705,300 in 2017.