Vancouver, BC – June 1, 2015. The British Columbia Real Estate Association (BCREA) released its 2015 Second Quarter Housing Forecast today.
“More robust economic growth, strong consumer confidence and rock-bottom mortgage interest rates are expected to push housing demand this year to its highest level since 2007,” said Cameron Muir, BCREA Chief Economist.
Stronger consumer demand combined with fewer homes available for sale is forecast to push the average MLS® residential sales price in the province up 7.4 per cent to $610,500 this year. Modest upward pressure on mortgage interest and rising new home completions are expected to ease pressure on home prices in 2016. The average MLS® residential sales price is forecast to increase by 1.7 per cent to $621,000 in 2016.
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To view the full BCREA Housing Forecast, click here.