The BC real estate market is even more robust than anticipated, according to the The British Columbia Real Estate Association (BCREA) 2014 Third Quarter Housing Forecast Update.
“Stronger than expected consumer demand in the third quarter triggered an upward revision in the housing forecast,” said Cameron Muir, BCREA Chief Economist. “Rising consumer demand is now broad-based across the province, with some of the largest year-over-year gains occurring in the Okanagan and the Kootenay regions.”
All signs point upward: The forecast from BCREA is that MLS® residential sales will rise 9.8 per cent to 80,100 units this year, followed by another 4 per cent to 83,300 units in 2015. The 15-year average is 80,400 unit sales and a record 106,300 MLS® residential sales were recorded in 2005.
It’s not just sales volume on the rise, though. Prices appear to be increasing too. The average MLS® residential price for the province is forecast to increase 5.6 per cent to a record $567,300 this year and a further 1.4 per cent to $575,400 in 2015. “Since the housing stock is generally expanding at the same pace as population and household growth, rapid escalation of home prices is not expected over the next two years,” added Muir. BC housing starts are forecast to edge up 2 per cent to 27,600 units this year and a further 1.8 per cent to 28,100 units in 2015.
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