“Consumer confidence is the key driver…” – Cameron Muir
The BCREA’s forecast released on August 18, 2015 indicates the MLS® residential sales in BC will exceed 100,000 units in 2015, for the 3rd time in history. The last time the annual sales volume exceeded 6 figures was in 2007 when over 102,800 homes were exchanged in BC.
Cameron Muir (BCREA Chief Economist) commented “While rock-bottom mortgage interest rates and BC’s nation leading economic growth are underpinning demand, consumer confidence is the key driver of the near record activity.”
Lower mortgage rates, coupled with strong consumer demand has drained the inventory of homes in the BC region to the lowest in almost 8 years, creating a sellers market while housing price averages continue to soar along the sales volume. The average sale price per home is expected to climb 10% this year to $626,000 in 2015, while this increase is expected to slow to 2.5% in 2016 driven by increase in new construction activity and more condo sales.
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