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Greater Vancouver home sales prices expected to keep falling this year

(iStock image)

VANCOUVER (NEWS 1130) – Vancouver-area home sales are forecast to fall by double digits this year while prices also decrease for the second year in a row.

The BC Real Estate Association’s quarterly outlook for Greater Vancouver predicts sales of 34,000 units, 16.8 per cent less than last year although that’s an improvement of nearly two percentage points from its previous forecast.

The BCREA expects 2018’s sales to rise 5.1 per cent.

It predicts this year’s average sale price will $942,000 compared to just over a million dollars in 2016, a drop of 7.4 per cent following last year’s 5.2 per cent decrease.

The industry group thinks 2018 will see a return to higher prices, up 2.2 per cent to an average of $963,000.

The BCREA says “demand has declined from the record level” of early last year, which it expects to “ease some pressure on a relatively low level of housing supply.” It also cites the tax on foreign buyers and tighter mortgage rules.