Higher Sales Predicted by BCREA

Up and Away

According to a forecast by British Columbia Real Estate Association’s chief economist Cameron Muir, home sales in B.C. are expected to increase in 2014.

News Blast

House Picture Prices Rising

“BC Multiple Listing Service® (MLS®) residential sales are forecast to increase 4.8 per cent to 76,450 units this year, before increasing a further 7 per cent to 81,800 units in 2015. The five-year average is 75,400 unit sales, while the ten-year average is 84,400 unit sales. A record 106,300 MLS® residential sales were recorded in 2005.”

“Housing demand in the province has nearly fully recovered from the 2012 downturn,” said Cameron Muir, BCREA Chief economist.

“Over the next year, BC will be the beneficiary of more robust global economic growth, led by a resurgent US economy and a favourable exchange rate. The resulting boost in employment will help underpin the housing market.”

BCREA 1 quarter News Release 2014 01 30

Full Recovery

“Home prices are not expected to climb much higher than the overall inflation rate as housing starts are expected to keep pace with consumer demand, added Muir. The average MLS® residential price is forecast to increase 1.8 per cent to $547,300 this year and a further 1.7 per cent to $556,800 in 2015.”

Source: BCREA reprinted with permission Full Report: Forecast

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*Disclaimer: Statistics Courtesy REBGV. While believed to be accurate they are not guaranteed.
**Numbers provided may vary as they are dynamically posted by the REBGV.

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