If the B.C. Real Estate Association’s predictions for this year and next year are right, then don’t expect the housing market in this province to slow down.
In its second quarter forecast for 2016, the Association is expecting the number of housing units sold to hit 115,200 by the end of this year.
Hitting that number would break the record of 106,310 – that was back in 2005.
The Association is expecting a bit of a pull back in demand, but it will be nowhere near enough to cool down the market.
As for pricing predictions: those numbers are expected to climb, too.
It believes the average home price in B.C. will hit $766,600 dollars this year.
Next year: $792,800 dollars.
New home construction is also in full swing, and housing starts are estimated to total 37,800 units this year.
The B.C.R.E.A. is predicting a slight decline for 2017, with the number edging down slightly to 34,200 units.