{"id":10816,"date":"2018-11-08T08:08:42","date_gmt":"2018-11-08T16:08:42","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=10816"},"modified":"2018-11-08T08:04:13","modified_gmt":"2018-11-08T16:04:13","slug":"bcrea-forecast-bc-home-sales-to-rise-in-2019","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/11\/bcrea-forecast-bc-home-sales-to-rise-in-2019\/","title":{"rendered":"BCREA Forecast &#8211; BC Home Sales to Rise in 2019"},"content":{"rendered":"<p>BCREA 2018 Fourth Quarter Housing Forecast &#8211; BC Home Sales to Rise in 2019.<\/p>\n<p><a href=\"https:\/\/www.roryc.ca\/blog\/?attachment_id=10817\" rel=\"attachment wp-att-10817\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-10817\" src=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2018\/11\/BCREA-288x216.gif\" alt=\"\" width=\"555\" height=\"416\" \/><\/a><\/p>\n<p style=\"text-align: justify;\">Vancouver, BC \u2013 November 8, 2018. The British Columbia Real Estate Association (BCREA) released its 2018 Fourth Quarter Housing Forecast today.<\/p>\n<p style=\"text-align: justify;\">Multiple Listing Service\u00ae (MLS\u00ae) residential sales in the province are forecast to decline 23% to 80,000 units this year, after recording 103,768 residential sales in 2017. MLS\u00ae residential sales are forecast to increase 12% to 89,500 units in 2019. The 10-year average for MLS\u00ae residential sales in the province is 84,800 units.<\/p>\n<p style=\"text-align: justify;\">\u201cThe marked erosion of affordability and purchasing power caused by the mortgage stress test and rising interest rates continue to be a drag on the housing demand,\u201d said Cameron Muir, BCREA Chief Economist. \u201cHowever, continuing strong performance in the economy combined with favourable demographics is expected to push home sales above their 10-year average in 2019.\u201d<\/p>\n<p style=\"text-align: justify;\">Despite the mortgage policy drag on the sector, strong performance of the BC economy continues to be highly supportive of housing demand. Five consecutive years of above trend growth in the province has led to a high level of employment and an unemployment rate that appears to be at a cyclical low.<\/p>\n<p style=\"text-align: justify;\">The combination of fewer home sales and a larger inventory of homes for sale has helped trend most markets to balanced conditions. As a result, home price growth has slowed considerably, and is expected to more closely reflect overall consumer price inflation through 2019. In addition, a record number of homes are under construction in BC, which will provide for much needed expansion of the housing stock and greater price stability.<\/p>\n<p><a href=\"http:\/\/www.bcrea.bc.ca\/docs\/news-2018\/2018-11-08forecast.pdf?sfvrsn=2\" target=\"_blank\" rel=\"noopener\">Click here<\/a> for the complete news release, including detailed statistics.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>BCREA 2018 Fourth Quarter Housing Forecast &#8211; BC Home Sales to Rise in 2019. Vancouver, BC \u2013 November 8, 2018. The British Columbia Real Estate Association (BCREA) released its 2018 &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/11\/bcrea-forecast-bc-home-sales-to-rise-in-2019\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-10816","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>BCREA Forecast - BC Home Sales to Rise in 2019 &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2018\/11\/bcrea-forecast-bc-home-sales-to-rise-in-2019\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BCREA Forecast - BC Home Sales to Rise in 2019 &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"BCREA 2018 Fourth Quarter Housing Forecast &#8211; BC Home Sales to Rise in 2019. Vancouver, BC \u2013 November 8, 2018. 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