Home Sales In British Columbia Expected To Surpass 100,000 Units For Third Consecutive Year

B.C. home sales are anticipated to exceed 100,000 units for a third straight year.

Despite the fact that the sales of houses in British Columbia are expected to experience a 10% decline in 2017 in comparison to last year, the results produced this year are moderately good enough, said the British Columbia Real Estate Association.

It is anticipated that the sales in the province will reach 101,000 units this year, equated to the 112,000 sold last year, but still a far better result than the average 84,700 units sold last decade.

The association projects that sales this year will be quite good, partly due to the high demand which has surpassed the consequences of policies designed to stabilize the market, like the non-resident buyers tax, at the same time as the economy is strong and people from other provinces continue to converge in B.C.

Cameron Muir, chief economist of the association says the number of residencies available for sale has not been able to satisfy the high demand, leading to higher prices for condos and detached houses.

He estimates that the average residential home price throughout British Columbia is duly expected to drop 1.1% to $683,500 this year, and increase 5.2% to $719,100 in 2018, due to a greater concentration on condo sales and sales out of Metro Vancouver.

“The debility is principally due to a shift in the mix and share of homes sold, and not illustrative of rising values of the typical home,” the association says in a news release.

The association’s predictions for the second quarter looks out for discounted mortgage rates which might increase slightly towards the end of 2017, even though posted rates are anticipated to remain the same and therefore, experience no prompt end to the seller’s market throughout most B.C. regions.