Provincial association predicts record transactions and continued rising prices this year, as strong early sales and growth elsewhere offsets Vancouver losses
Home sales across the province are forecast to climb 10.4 per cent to a record 113,000 total units in 2016, before slowing again in 2017, according to a quarterly housing forecast issued August 25 by the British Columbia Real Estate Association (BCREA).
Total BC residential sales for the whole of this year are expected to eclipse the previous high of 106,310 units in 2005 – despite Lower Mainland home sales falling in July and the early part of August.
Unprecedented sales in the early part of the year, and strong growth in other parts of the province, will more than cancel out any second-half losses seen in the Lower Mainland, predicted BCREA.
“The introduction of a 15 per cent tax on foreign national home buyers in Metro Vancouver is expected to accelerate a moderating trend in the market that began earlier in the year,” said Cameron Muir, BCREA chief economist. “However, other regions of the province are performing above expectations and at the provincial level, largely offsetting Metro Vancouver's deceleration.”