Kitty van der Meer, REALTOR  604-760-5392  kvandermeer@sutton.com

    Sutton Group -Sutton WestCoast Realty - #102 - 403 North Road, Coquitlam, BC V3K 3V9

    Kitty van der Meer is not affiliated with developers and is not liable for any errors and omissions. Not intended to cause or induce a breach of an existing agency relationship. Kitty van der Meer's intention is to help you find the right home and to give you unbiased advise about your home purchase. 

    The information on this website is from a variety of sources which may include the developers website, advertisements, sales centre, MLS or other sources and is not guaranteed and is subject to change. You are advised to read the Developers Contract and Property Disclosure Statement carefully and have your lawyer review it.  

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      BCREA 2019 Second Quarter Housing Forecast

       

      Vancouver, BC – June 18, 2019. 

      The British Columbia Real Estate Association (BCREA) released its 2019 Second Quarter Housing Forecast today.

       

      Multiple Listing Service® (MLS®) residential sales in the province are forecast to decline 9 per cent to 71,400 units this year, after recording 78,346 residential sales in 2018. MLS® residential sales are forecast to increase 14 per cent to 81,700 units in 2020. The 10-year average for MLS® residential sales in the province is 84,300 units.

       

      “The shock to affordability from restrictive mortgage policies, especially the B20 stress test, will continue to limit housing demand in the province this year,” said Cameron Muir, BCREA Chief Economist. “However, a relatively strong economy and favourable demographics are likely creating pent-up demand in the housing market,”

       

      The inventory of homes for sale has climbed out of a cyclical low, leading to balanced market conditions in many areas and buyer’s market conditions in some communities and across some products types. Current market conditions are expected to provide little upward pressure on home prices this year, with the average annual residential price forecast to remain essentially unchanged, albeit down 2 per cent to $697,000. Modest improvement in consumer demand is expected to unfold though 2020, pushing the average residential price up 4 per cent to $726,000.

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