Record Breaking Housing Demand Sweeps BC
BCREA 2016 Second Quarter Housing Forecast
Vancouver, BC – June 2, 2016. The British Columbia Real Estate Association (BCREA) released its 2016
Second Quarter Housing Forecast today.
Multiple Listing Service® (MLS®) residential sales in the province are forecast to climb 12.3 per cent to a
record 115,200 units this year, eclipsing the previous record of 106,310 units in 2005. Housing demand is
expected to pull back by 8.3 per cent to 105,600 units in 2017. Strong economic fundamentals are
expected to underpin the housing market and produce above average consumer demand through 2017.
The ten-year average for the province is 83,000 MLS®
residential unit sales.
"Robust employment growth and a marked increase in
migration from other provinces is buoying consumer
confidence and housing demand in most regions of the
province," said Cameron Muir, BCREA Chief Economist.
"Record housing demand has depleted inventories in many
urban areas, and the resulting imbalance between supply
and demand has pushed home prices considerably higher."
The average MLS® residential price in the province is
forecast to increase 20.4 per cent to $766,600 this year
and a further 3.4 per cent to $792,800 in 2017.
New home construction activity has ramped up to meet the extraordinary demand for housing. Waning
inventories of newly completed and unoccupied units are being offset by a marked increase in the number
of homes under construction. Total housing starts in the province are forecast to climb 20 per cent to
37,800 units this year, before edging back to 34,200 units in 2017.
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To view the full BCREA Housing Forecast, click here.
For more information, please contact:
|Cameron Muir ||Damian Stathonikos |
|Chief Economist ||Director of Communications and Public Affairs |
|Direct: 604.742.2780 ||Direct: 604.742.2793 |
|Mobile: 778.229.1884 ||Mobile: 778.990.1320 |
|Email: [email protected] ||Email: [email protected] |
BCREA is the professional association for more than 18,500 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.
To demonstrate the profession’s commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods.
For detailed statistical information, contact your local real estate board. MLS® is a cooperative marketing system used only by Canada’s real estate boards to ensure maximum exposure of properties listed for sale.
To subscribe to receive BCREA publications such as this one, click here.