B.C. Real Estate Association Predicts 'Moderated' Metro Vancouver Housing Market

The British Columbia Real Estate Association predicts that the recent 15% foreign buyers tax will impact the housing market in Metro Vancouver for the remainder of the year. The association believes that this tax will have a moderating effect on the housing market.

Housing markets in other regions in the province are performing above expectations and at the provincial level, largely offsetting Metro Vancouver's decline.

These predictions come as the association just released it's third quarter report on August 25th.

According to the third quarter report released by BCREA (British Columbia Real Estate Association), the average MLS residential price in the province is expected to climb 11 per cent to $706,900.

The average MLS residential price in BC is expected to increase a further 5.2 per cent in 2017 to $743,700.

Housing demand is expected to moderate in 2017 with home sales decreasing by about 8 per cent to 104,400 units. This predicted figure remains well above the ten-year average of 85,000 unit sales.

Reference:

http://www.bcrea.bc.ca/…/news…/housing-forecast-news-release