BCREA 2015 Q3 Housing Forecast Update

(August 18, 2015 , posted in Forecasts and Economic Update)

BCREA Q3 Housing Forecast Update, Tim Wray, Prompton Real Estate, VancouverThe British Columbia Real Estate Association (BCREA) released its 2015 Third Quarter Housing Forecast Update today.

For only the third time in BC, Multiple Listing Service® (MLS®) residential sales are expected to reach 100,000 units in 2015. Housing demand has not been this robust since 2007 when 102,800 homes traded hands. A record 106,300 MLS® residential sales were recorded in 2005.

“While rock-bottom mortgage interest rates and BC’s nation leading economic growth are underpinning demand, consumer confidence is the key driver of the near record activity,” said Cameron Muir, BCREA Chief Economist.

Strong consumer demand has drawn down the inventory of homes for sale to their lowest level in nearly eight years. As a result, sellers’ market conditions are prevailing in many communities and causing home prices to be pushed higher. The average MLS® residential sales price in the province is forecast to climb 10 per cent to $626,000 this year. An increase in new construction activity and a higher proportion of condominium purchases is expected to limit growth in the average home price to 2.5 per cent in 2016.

To view the full BCREA Housing Forecast Update, click here.

My business grows by building strong client focused relationships. I would welcome the opportunity to answer any questions about the real estate market that you may have.

If you would like to find out how much your home is worth in today's market, to discuss listing your home or buying a new home, please contact me on (604) 781-5692 or via email - tim@timwray.ca 

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