(The Canadian Press)

B.C. home sales to slide 23% this year, rise next year: real estate group

Strong labour force, GDP expected to keep market strong

Home sales are expected to dip by 23 per cent this year before rising 12 per cent next year, according to the fourth quarter forecast from the B.C. Real Estate Association.

The association said Thursday measures such as the mortgage stress test, as well as a recent Bank of Canada interest rate hike, will continue to slow the market well into 2019.

“However, continuing strong performance in the economy combined with favourable demographics is expected to push home sales above their 10-year average in 2019,” said the association’s chief economist, Cameron Muir.

Low unemployment, meanwhile, has kept demand for B.C.’s real estate high.

READ MORE: Buyers could take the reins in B.C.’s hot housing market: CMHC

It’s a trend the association expects to grow, with help from recent large investments like LNG Canada’s agreement to build an export terminal in Kitimat, as the labour force expands.

As millennials continue to move up in the job market, the organization expects they’ll keep buying condos, while retirees cash in their equity and move to retirement homes.


@katslepian

katya.slepian@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Just Posted

Blue skies to continue in forecast for Williams Lake

Temperatures will hover below and above zero for the weekend, although there is a wind chill

VIDEO: Taking to the skies to protect moose in the Cariboo Chilcotin

Conservation Officer Service doubles patrols to oversee moose harvest

Province not doing enough for forestry sector, say Liberals

Although Minister of Forests says government working to diversify industry, rural economies

Dance in Common hosts A Visual Dance Art Show

Female artists from across Williams Lake came together to support Dance In Common last week.

VIDEO: Protected bighorn sheep killed in B.C. Interior

The sheep are considered a species of concern because of their low population in B.C.

VIDEO: The definition of a kilogram has officially changed

50-plus countries voted to a ground-breaking overhaul to the international system of measurements

Missing-persons list tops 600 in fire-stricken California

Disaster escalates as officials raised the death toll to 63

Deer carcasses don’t belong in green bins, says B.C. city

City of Nanaimo issues reminder to residents, saying fur isn’t compostable

B.C. couple helping wildfire evacuees in northern California

A planned holiday has turned into a humanitarian effort for a Penticton couple

$177,000 raised for BC Cancer Foundation in B.C. Interior

Luncheon supports patient and family emergency services for Southern Interior B.C. residents

Dead whale discovered on B.C. shore

The whale was discovered Friday morning near the BC Ferries terminal

‘This is gangster,’ bait car thief declares on video

Footage from Abbotsford gains attention on social media

Most Read