(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

Pacific Rim National Park Reserve issues cougar warning at Kennedy Lake

Cougar encounter reported between Tofino and Ucluelet.

Deadline looming for North Island College scholarship applications

Students have until April 24 to apply for a record number of… Continue reading

BC Ferries to pilot selling beer and wine on select routes

Drinks from select B.C. breweries and VQA wineries to be sold on Swartz Bay to Tsawwassen route

Hupacasath First Nation re-elects entire council for new term

Steven Tatoosh takes helm for fifth term as chief, talks economic prosperity for future

Young Professionals of the Alberni Valley seek members, new partnerships

Next Alberni Connect event is Thursday, April 18

VIDEO: Alberta man creates world’s biggest caricature

Dean Foster is trying to break the world record for a radio show contest

B.C. senior sentenced for sexually abusing special-needs granddaughter

73-year-old Cortes Island man will go to jail for three years

Howe Sound Queen sailing toward retirement

Vessel now up for auction ends regular runs between Crofton and Vesuvius at the beginning of June

Should B.C. lower speed limits on side roads to 30 km/h?

Vancouver city councillor wants to decrease speed limits along neighbourhood side roads

Lawsuit eyed over union-only raise for B.C. community care workers

‘Low-wage redress’ leaves 17,000 employees out, employers say

Landlord of alleged Okanagan shooter recounts deadly day

Tony Friesen was working in one of the units of his Penticton building when he heard shots

Foreign national arrested in connection to thefts at YVR

A woman, 60, is being held in police custody as Richmond RCMP investigate

Police pursue pesky porker on Vancouver Island

‘This was allegedly not the pig’s first escape’

Westjet tries again to dismiss proposed class-action lawsuit alleging discrimination

Former flight attendant claims airline broke contractual promise to create harassment-free workplace

Most Read