(The Canadian Press)

B.C. home sales to slide 23% this year, rise next year: real estate group

Strong labour force, GDP expected to keep market strong

Home sales are expected to dip by 23 per cent this year before rising 12 per cent next year, according to the fourth quarter forecast from the B.C. Real Estate Association.

The association said Thursday measures such as the mortgage stress test, as well as a recent Bank of Canada interest rate hike, will continue to slow the market well into 2019.

“However, continuing strong performance in the economy combined with favourable demographics is expected to push home sales above their 10-year average in 2019,” said the association’s chief economist, Cameron Muir.

Low unemployment, meanwhile, has kept demand for B.C.’s real estate high.

READ MORE: Buyers could take the reins in B.C.’s hot housing market: CMHC

It’s a trend the association expects to grow, with help from recent large investments like LNG Canada’s agreement to build an export terminal in Kitimat, as the labour force expands.

As millennials continue to move up in the job market, the organization expects they’ll keep buying condos, while retirees cash in their equity and move to retirement homes.


@katslepian

katya.slepian@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Just Posted

Maple Ridge women’s shelter society gets a $2.1-million boost

Cythera Transition House Society gets money for 21 homes

Maple Ridge councillors named to local groups

Division of labour for new council

BC Ferries passengers wait to leave Vancouver Island after Remembrance Day

Traffic aboard BC Ferries slows after Remembrance Day long weekend

Operation Red Nose ready for 11th year in Maple Ridge, Pitt Meadows

The new host organization this year is Kidsport Maple Ridge/Pitt Meadows.

Gardening: George and the family berry plan

Pitt Meadows family’s farm roots go back to 1925.

Clear skies for Fraser Blues Remembrance Day flyby

It was the first time the formation team flew over the Maple Ridge and Pitt Meadows Remembrance Day ceremonies

Canada Post no longer guarantees delivery times amid more rotating strikes

The Canadian Union of Postal Workers closed two major processing centres in Ontario and B.C.

B.C. city councillor resigns as AutismBC director amid SOGI controversy

AutismBC president Gary Robins says Laurie Guerra’s resignation is effective Nov. 12

McGill students vote overwhelmingly to change Redmen team nickname

Student union held a referendum after a campaign by Indigenous students

B.C. university Pride group replaces white supremacy posters

Around 50 people walked through downtown Victoria to share posters of love

B.C. to invest $492 million in affordable homes

72 new projects are part of a 10-year, $1.9-billion strategy

Around the BCHL: Surrey Eagles sliding and Cassidy Bowes flows

Around the BCHL is a look at what’s happening in the league and around the junior A world.

Pit bull cross, chihuahua owners must split costs for dogfight damage, judge rules

Eac side responsible for $577.43 towards injuries in Comox Valley incident

3 random words mark every spot on earth

Innovative mapping system assigns three word combinations to 57 trillion 3 metre squares

Most Read