BCREA 2015 Second Quarter Housing Forecast
The British Columbia Real Estate Association (BCREA)
released its 2015 Second Quarter Housing Forecast today.
“More robust economic growth, strong consumer confidence
and rock-bottom mortgage interest rates are expected to push housing demand
this year to its highest level since 2007,” said Cameron Muir, BCREA Chief
Economist.
Multiple Listing Service® (MLS®) residential sales in
British Columbia are forecast to rise 12.1 per cent to 94,300 units this year,
before edging back 2.9 per cent to 91,600 units in 2015. The ten-year average
is 83,600 unit sales. A record 106,300 MLS® residential sales were recorded in
2005.
Stronger consumer demand combined with fewer homes
available for sale is forecast to push the average MLS® residential sales price
in the province up 7.4 per cent to $610,500 this year. Modest upward pressure
on mortgage interest and rising new home completions are expected to ease
pressure on home prices in 2016. The average MLS® residential sales price is
forecast to increase by 1.7 per cent to $621,000 in 2016.
Copyright BCREA - reprinted with permission
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