The B.C. Real Estate Association expects average home prices in the province to breach the $1 million mark in 2022.
How much exactly?
In its 2022 first quarter housing forecast, the BCREA indicates that the average price will increase to $1,006,200 this year.
For perspective, the average price of a B.C. home in 2018 was $711,379.
This means that if the BCREA has it right on the money, the predicted average price in 2022 of $1,006,200 would be a 41.4 percent increase from just four years ago.
Based on numbers previously released in the association’s 2021 fourth quarter housing forecast, the average price of a B.C. home in 2019 posted a 1.5 percent annual decline from 2018 to $700,376.
Then the price went up 11.6 percent the following year in 2020, amounting to $781,559.
As for the average price of a B.C. home in 2021, the number represented another increase and it was $927,800.
And so compared to the previous year, the expected average price in 2022 equals an 8.5 percent increase.
In its forecast report Wednesday (February 2), the BCREA reiterated its previous observation that this year’s housing market began with the “lowest level of active listings on record and significant demand-side momentum”.
“That means strong sales should persist through the first few months of the year and supply will remain severely limited,” the report stated.
“As a result,” the forecast went on, “we expect to see continued upward pressure on home prices in all markets.”
As for the major markets, the average price in Greater Vancouver in 2022 is forecast to increase to $1,285,000; Fraser Valley, $1,090,000; and Vancouver Island, $1,010,000.
And for those willing to drive out to the Chilliwack area, the forecast is $805,000.