Home sales in B.C are trending lower after peaking in early 2016 at a record 112,209 units. However, housing demand is expected to remain above the provincial ten year average into 2018. Provincial numbers will be influenced by a slowing Vancouver market as sticker shock and a lack of affordability drive prices back to sustainable levels.
The Okanagan will also experience lower housing sales, but unlike the Lower Mainland, will see modest price increases this year and next. Low housing inventory and a healthy local economy that’s underpinned by strong commercial construction and job growth, will keep a floor under pricing.
2016 2017 2018
+25.6% -16.3% +2.4%
Average MLS Price
+13.1% +1.3% +1.7%
So is it a good time to buy or sell? The answer is both yes and yes. The local housing market is stable, buy or sell if that matches your personal situation and goals. Market stats have there place, but what’s happening in your own life should always be the deciding factor.
Click on the link for a more complete picture of the BC Housing Forecast 2017 – 2018:
British Columbia Real Estate Association Forecast
*Statistics provided by the British Columbia Real Estate Association