(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.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Community gathers to grieve, learn at suicide information night

The Elk Valley Suicide Task Force hosted the first ever suicide information evening this week

Castle Project to expand Teck Coal operations

The Castle Project would be an expansion at Teck’s Fording River Operations

Community Cash Awards make their return to the Elk Valley

The program supports the development of healthy and diverse communities

Updates from Sparwood’s most recent council meeting

Bylaw changes and policing priorities were among the topics discussed at council’s last meeting

Elk River Alliance seeks volunteers

There are many different ways to get involved with the ERA as a volunteer

Pipeline dispute: Tories put no-confidence motion on House of Commons agenda

Conservatives say they have no confidence in the Trudeau government to end the rail blockades

B.C.’s soda drink tax will help kids lose weight, improve health, says doctor

Dr. Tom Warshawski says studies show sugary drinks contribute to obesity

A&W employees in Ladysmith get all-inclusive vacation for 10 years of service

Kelly Frenchy, Katherine Aleck, and Muriel Jack are headed on all-expenses-paid vacations

B.C. mom’s complaint about ‘R word’ in children’s ministry email sparks review

In 2020, the ‘R’ word shouldn’t be used, Sue Robins says

B.C., federal ministers plead for meeting Wet’suwet’en dissidents

Scott Fraser, Carolyn Bennett says they can be in Smithers Thursday

Province shows no interest in proposed highway between Alberta and B.C.

Province says it will instead focus on expanding the Kicking Horse Canyon to four lanes

First case of COVID-19 in B.C. has fully recovered, health officer says

Three other cases are symptom-free and expected to test negative soon

Budget 2020: Weaver ‘delighted,’ minority B.C. NDP stable

Project spending soars along with B.C.’s capital debt

Stroke survivors lean on each other in Nelson

‘I’ve learned more about strokes from being in the group than I did from anyone else’

Most Read