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