(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

Okanagan RCMP officers detain a driver in handcuffs

Penticton RCMP officers pulled over a vehicle and handcuffed the driver as they searched the car

Controversial anti-abortion film to be screened in Penticton

Unplanned will be shown at the Penticton Landmark theatre

House arrest for ‘vicious’ back-alley attack on Penticton man

Thomas Brayden Kruger-Allen was at the Mule Nightclub prior to the assault

Update: Coroner investigating after body recovered from Okanagan Lake

Penticton fire department assisted the RCMP with the recovery of a body Saturday

Backhoe ‘burned to a crisp’ in Okanagan Falls

South Okanagan fire chief said the situation could have been a lot worse

Practice makes perfect for Penticton’s Peach Classic triathlon winner

Over 300 triathletes competed in the 36th edition of the Peach City Classic Triathlon Sunday.

Crash closes Highway 1 near Tappen

The collision happened about 3:30 p.m. by James Road

VIDEO: Man found dead near B.C. teens’ truck could be linked to a double homicide

RCMP said they are looking for Kam McLeod, 19, and Bryer Schmegelsky, 18, of Port Alberni

Kelowna cab driver charged with sexual assault

RCMP received a report May 28 alleging a taxi passenger had been sexually assaulted by a cab driver

Latest plan is to fly trapped fish by helicopter over Big Bar slide

Multi-pronged plan set in motion to freesalmon blocked by landslide in the Fraser River

Okanagan-based pop star Andrew Allen is back with a new band

Singer-songwriter Andrew Allen is bringing his new band home for a concert this Friday

Family of missing B.C. senior with dementia frustrated with situation, heartened by community support

Nine days since Grace was last seen the question remains: ‘How can an 86-year-old just disappear?’

Trial delayed for West Kelowna man charged with murdering his wife

Kevin Costin’s trial is on hold until the Crown and defence work out a few kinks

UPDATE: Police say the firearm was fake

Witness says she saw a man walking down the street possibly holding a firearm

Most Read