BCREA 2014 Third Quarter Housing Forecast Update
The British Columbia Real Estate Association (BCREA)
released its 2014 Third Quarter Housing Forecast Update July 31, 2014.
"Stronger than expected consumer demand in the third
quarter triggered an upward revision in the housing forecast,” said Cameron
Muir, BCREA Chief Economist. “Rising consumer demand is now broad-based across
the province, with some of the largest year-over-year gains occurring in the
Okanagan and the Kootenay regions."
BC Multiple Listing Service® (MLS®) residential sales are
forecast to increase 9.8 per cent to 80,100 units this year, before rising a
further 4 per cent to 83,300 units in 2015. The previous forecast was for
76,700 and 81,800 unit sales respectively in 2014 and 2015. The 15-year average
is 80,400 unit sales and a record 106,300 MLS® residential sales were recorded
in 2005.
The average MLS® residential price for the province is
forecast to increase 5.6 per cent to a record $567,300 this year and a further
1.4 per cent to $575,400 in 2015. “Since the housing stock is generally
expanding at the same pace as population and household growth, rapid escalation
of home prices is not expected over the next two years,” added Muir. BC housing
starts are forecast to edge up 2 per cent to 27,600 units this year and a
further 1.8 per cent to 28,100 units in 2015.
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