In a new report by the BCREA, housing demand in BC is forecast to rise in 2015. This anticipated sales increase will result from a variety of key factors. Here are some report highlights:
- MLS residential sales in BC are forecast to increase by 76,700 units this year; an increase of 5.2 %
- Consumer demand is expected to increase through the second half of 2014 and into 2015
- For 2015, MLS residential sales are anticipated to increase by a further 81,800 units; an increase of 6.7%
Due to stronger economic conditions
- Improved economic growth at home and abroad including the US, China, and Japan, will increase the price of commodities and improve BC exports and economic strength as a result
This will lead to increased consumer spending & job growth
- In most areas of the province, the housing market has balanced, with prices edging higher
Consumer demand was up 20% in the first quarter of 2014 compared to the same period last year
- Low interest rates & improved economic conditions are anticipated to lead to an extended period of growing demand and prices inching higher
The average MLS residential listing price in BC is antisipated to increase 4.3% to $560,000 this year and a further 2% in 2015 to $571,000
To view the full report by the BCREA, click here.
Are you curious about the value of your home? What dows economic growth mean to you and how does the economy affect house prices? Contact us today and we'd be happy to answer your questions.
Chart Source: BCREA
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