As a realtor My goal is to provide Valuable information to my clients and potential clients to give them a more informed view of the current housing market in BC and in particular Greater Vancouver. With that in mind here is some great information to help you with any decisions you may be making in the near future.
Multiple Listing Service (MLS®) residential sales in the province are forecast to decline 23 per cent to 80,000 units this year, after recording 103,768 residential sales in 2017. MLS® residential sales are forecast to increase 12 per cent to 89,500 units in 2019. The 10-year average for MLS® residential sales in the province is 84,800 units. The mortgage stress test on conventional mortgage borrowers cooled housing markets across the country this year. The erosion of affordability and loss of purchasing power induced by the stress test, as well as by moderately rising interest rates, are expected to temper housing demand through 2019.
Despite the drag from mortgage policy, strong performance of the BC economy continues to be highly supportive of housing demand. Five consecutive years of above trend growth in the province has led to a high level of employment and an unemployment rate that appears to be at a cyclical low. With further expansion of the economy now more reliant on gradual growth in the labour force, the sizeable investment by LNG Canada over the next several years will provide a significant boost to provincial growth. As a result, our forecast for Real GDP growth has been upgraded to 2.9 per cent from our baseline of 2.5 per cent in 2019. For the full detailed report please click on the following link. BC CREA Housing Forecast
Thanks and should you need anything or any help at all I’m always here for you.
Thank you, Matt Magee