B.C. Real Estate Association forecasts another year with more than 100,000 home sales

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      Home prices across the province are off slightly and the number of transactions is expected to fall by 10 percent by year-end.

      However, the B.C. Real Estate Association still says "strong market fundamentals continue to underpin an elevated level of home sales".

      In a statement issued this morning, it predicted that more than 100,000 units will be sold in 2017, marking the third consecutive year that this threshold will be reached.

      Multiple-listing residential sales are forecast to fall to 101,000 units, down from last year's provincial record of 112,209.

      The 10-year average is 84,700 sales, according to the BCREA.

      It pointed out that the supply of homes is at a 20-year low, suggesting this will put upward pressure on prices next year.

      "The average MLS® residential price in the province is forecast to decline 1.1 percent to $683,500 this year, and increase 5.2 percent to $719,100 in 2018," the BCREA stated. "The decline in the provincial average price is largely due to rising demand for more affordable condominiums and a larger proportion of home sales occurring outside the Metro Vancouver region."