Sales will be down in 2018, but not prices: B.C. Real Estate Association
The British Columbia Real Estate Association is out with its fourth-quarter housing forecast, and it’s predicting residential sales will decline by 10 per cent in 2018, after an expected drop of 8.8 per cent in 2017.
This follows a record 2016 that saw the 10-year average number of sales beaten by 28,000 homes.
Association Chief Economist Cameron Muir says while demand is expected to be strong in the coming year, there are several factors he expects will temper that, including a rising interest rate environment and more stringent mortgage stress tests.