Home sales in British Columbia are forecast to fall 2.1 per cent this year as economic challenges push volume and prices lower across the province.<\/p>\n
The B.C. Real Estate Association says in its second quarterly housing forecast that residential unit sales will likely drop to about 69,000 homes this year.<\/p>\n
Prices are also expected to slide by about 1.4 per cent to an average price of $939,800 due to a combination of more new-home inventory and active listings being at their highest levels since 2015.<\/p>\n
Association chief economist Brendon Ogmundson says in a statement that the market faces global and local economic challenges, but the industry is hopeful that pent-up demand will lead to a rebound once affordability improves.<\/p>\n
The group also says the drop in average selling prices so far this year shows a \u201cdisproportionate weakness\u201d in expensive real estate markets in the Lower Mainland, which pushes the provincewide index price lower.<\/p>\n
Ogmundson says that while the association is forecasting a 7.7 per cent rise in home sales for next year, \u201chouseholds will likely need a prolonged period of stability\u201d before buyers are willing to re-enter the market.<\/p>\n","protected":false},"excerpt":{"rendered":"Home sales in British Columbia are forecast to fall 2.1 per cent this year as economic challenges push…\n","protected":false},"author":2,"featured_media":632741,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[194298],"tags":[49,48,55],"class_list":["post-632740","post","type-post","status-publish","format-standard","has-post-thumbnail","category-vancouver","tag-ca","tag-canada","tag-vancouver"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/632740","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=632740"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/632740\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/632741"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=632740"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=632740"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=632740"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}