BCREA 2014 Second Quarter Housing Forecast
The British Columbia Real Estate Association (BCREA)
released its 2014 Second Quarter Housing Forecast.
BC Multiple Listing Service® (MLS®) residential sales are
forecast to increase 5.2 per cent to 76,700 units this year, before increasing
a further 6.7 per cent to 81,800 units in 2015. The five-year average is 75,400
unit sales, while the ten-year average is 84,800 unit sales. A record 106,300
MLS® residential sales were recorded in 2005.
"BC Home sales are expected to trend higher this
year and in 2015, as stronger economic conditions both at home and abroad
bolster consumer demand,” said Cameron Muir, BCREA Chief Economist. “While
historically low mortgage interest rates are a key market driver, population
growth led by a strong upturn in net migration and more robust employment
growth are expected to generate additional housing demand."
The average MLS® residential price for the province is
forecast to increase 4.3 per cent to $560,500 this year and a further 2 per
cent to $571,500 in 2015. Increasing consumer demand combined with fewer homes
for sale has created balanced market conditions in most BC regional markets,
resulting in home price appreciation more in line with overall consumer price
inflation.
Copyright BCREA –reprinted with permission
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