BC housing demand expected to be highest since 2007: BCREA
Posted June 1, 2015 10:27 am.
Last Updated June 1, 2015 12:52 pm.
This article is more than 5 years old.
VANCOUVER (NEWS1130) – Housing demand across BC this year is predicted by an industry group to be the highest since 2007.
BC Real Estate Association chief economist Cameron Muir cites “more robust economic growth, strong consumer confidence and rock-bottom mortgage rates.”
The BCREA expects home sales will rise 12.1 per cent this year, topping 94,000. That’s nearly 11,000 higher than the 10-year average, but about 12,000 fewer than the record in 2005.
It also predicts a smaller sales gain next year of 2.9 per cent
Prices across the province are forecast to gain 7.4 per cent this year to an average above $610,000. Next year’s price increase is expected to be just 1.7%, due to “upward pressure on mortgage interest rates and rising new home completions.”
