The B.C. Real Estate Association is out with its third quarter report.
This time around, the association predicts the 15% foreign buyers tax will have a moderating effect on the housing market in Metro Vancouver through to the rest of the year.
However, that would be offset by strong sales in markets outside of that.
Residential sales are expected to climb this year to about 10.4%, which would break the previous record of 106,310, set in 2005.
It’s also predicting housing demand will moderate by next year, but only to about 8%, to 104,400 units.