BCREA 2018 First Quarter Housing Forecast Update. March 9, 2018

 

 

" Housing demand in the province is expected to moderate this year and in 2109," said Cameron Muir, BCREA 

Chief Economist. "More stringent mortgage qualifications and rising interest rates will further erode affordability

and household purchasing power. With home prices already at an elevated level, BC households are more

vulnerable to rising interest rates."

 

The supply of homes for sale continues to trend at or near decade lows in most BC regions.

 

The average MLS residential price in the province is forecast to increase 6.0 per cent to $752,000 this year and a further 4.0 per cent to $781,000 in 2019.

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April Update

 

Listing Inventory continues to be at record lows as it has been since mid 2015.

The Buyer Activity is strong, keeping prices steady with some upwards pressure as well.

 

In Abbotsford, according to the Fraser Valley Real Estate Board Statistics, average prices have increased as follows:

 

          Single Family Res.                           Townhouses                                 Apartments/Condominiums

  2017         2018        %change         2017          2018    %change             2017        2018         %change

$706,242  842,075        19%            415,653     519,020     25%               228,426    333,680       46%