Photo: John Biehler/Flickr
BC home sales are expected to rise 9.8 per cent this year and a further four per cent in 2015.
Those numbers come from the British Columbia Real Estate Association’s revised housing forecast, which improved thanks to stronger consumer demand in the third quarter.
“Rising consumer demand is now broad-based across the province, with some of the largest year-over-year gains occurring in the Okanagan and the Kootenay regions, ” said BCREA chief economist Cameron Muir.
A total of 80,100 units are expected to change hands this year, before rising to 83,300 units in 2015.
The previous forecast called for 76,700 and 81,800 MLS sales sales respectively in 2014 and 2015. The 15-year average is 80,400.
Housing starts and prices also going up
The average residential price, meanwhile, is expected to increase 5.6 per cent to a record $567,300 this year and a further 1.4 per cent to $575,400 in 2015.
“Since the housing stock is generally expanding at the same pace as population and household growth, rapid escalation of home prices is not expected over the next two years,” added Muir.
BC housing starts are forecast to edge up two per cent to 27,600 units this year and a further 1.8 per cent to 28,100 units in 2015.
The chart below breakdowns the regional numbers.