Strong Housing Demand Forecast Through 2017
BCREA 2016 First Quarter Housing Forecast Update
Vancouver, BC – January 28, 2016. The British Columbia Real Estate Association (BCREA) released 2016 First Quarter Housing Forecast Update today.
Multiple Listing Service® (MLS®) rresidential sales in the province 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. /p>
Housing demand in the province is being supported by a relatively robust economy, leading to strong employment growth and rising wages. In addition, net interprovincial migration is on an upswing as many Albertans look to BC for job opportunities. BC home sales are forecast to remain well above the ten-year average of 83,200 units over the next two years.
“The inventory of homes for sale is now at its lowest level in almost a decade,” said...