Good Time to Buy or Sell? B.C Housing Forecast 2017-2018.

Newport Coast 1

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

Unit Sales _______________ 10,036 ____________________________ 8,400________________________________ 8,600
_________________________ +25.6% ____________________________ -16.3% ______________________________ +2.4%

Average MLS Price ____ $461,791 ___________________________ $468,000 ____________________________ $476,000
_________________________ +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