(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

Former Fernie councillor co-launches cannabis company

“Our mission, our goal - it’s about education. It’s about de-stigmatizing” - Dennis Schafer

Fernie Family Housing receives much needed funding for affordable housing

BC Housing funds new affordable housing in Fernie

Woman found in Cranbrook park pronounced deceased

Attempts to revive woman in hospital were unsuccessful, police say

Kootenay employers set to meet job seekers at today’s Black Press career fair

Dozens of companies are on hand today, Nov. 15 at the Ktunaxa Nation Building in Cranbrook

Woman taken to hospital after being found in Cranbrook park

RCMP say she may possibly be suffering from hypothermia

Kootenay employers set to meet job seekers at today’s Black Press career fair

Dozens of companies are on hand today, Nov. 15 at the Ktunaxa Nation Building in Cranbrook

Children’s strawberry-flavoured medicines recalled due to faulty safety cap

Three different acetaminophen syrups part of nationwide recall

Around the BCHL: Junior A cities to host World Junior tuneup games

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

Vandals destroy excavator at Wasa Transfer Station

An act of vandalism has the Regional District of East Kootenay looking… Continue reading

International students hit hard by B.C. tuition fee hikes

Campaign seeks regulatory controls be imposed on post-secondary institutions

Trudeau pushes for more Saudi accountability in Khashoggi killing

Prime Minister Justin Trudeau said Canada is still seeking clear answers from Saudi Arabia about what happened to Jamal Khashoggi

School bullying video shows how people with disabilities are devalued: advocates

Brett Corbett, who has cerebral palsy, is seen in a video being stepped while lying in water

CFL will use extra on-field official to watch for illegal blows to quarterback

If the extra official sees an illegal blow that has not already been flagged, they will advise the head referee, who can then assess a penalty for roughing the passer

Older B.C. drivers subsidizing younger ones, study finds

ICBC protects higher-risk drivers, pays for testing costs

Most Read