{"id":2195,"date":"2016-06-03T10:10:45","date_gmt":"2016-06-03T17:10:45","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=2195"},"modified":"2016-06-02T14:31:00","modified_gmt":"2016-06-02T21:31:00","slug":"vancouver-home-sales-forecast-to-push-province-past-2005-record","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/06\/vancouver-home-sales-forecast-to-push-province-past-2005-record\/","title":{"rendered":"Vancouver Home Sales Forecast to Push Province Past 2005 Record"},"content":{"rendered":"<p style=\"text-align: justify;\">Vancouver\u2019s torrid real estate market will propel housing sales in British Columbia past their 2005 high to a record this year before prices cool in 2017, the province\u2019s real estate board forecasts.<\/p>\n<p style=\"text-align: justify;\">Residential sales in the province will rise 12% to 115,200 units in 2016, above the previous peak of 106,310 units in 2005, the British Columbia Real Estate Association said in a statement Thursday. The forecast is 39% above the 10-year average for the province of 83,000 units sold a year. Prices will jump 20 per cent to an average $766,600 this year before easing to a 3.4% gain in 2017.<\/p>\n<p style=\"text-align: justify;\">\u201cRecord housing demand has depleted inventories in many urban areas, and the resulting imbalance between supply and demand has pushed home prices considerably higher,\u201d said Cameron Muir, the association\u2019s chief economist.<\/p>\n<p style=\"text-align: justify;\">Vancouver is forecast to lead the growth with a 25% increase in prices. The market in the city has been surging amid an influx of foreign capital, low supply, and immigration. The pace prompted chief executive officers at two of Canada\u2019s banks this week to urge the government to boost mortgage down-payment requirements to cool the market.<\/p>\n<p><a href=\"http:\/\/business.financialpost.com\/personal-finance\/mortgages-real-estate\/vancouver-home-sales-forecast-to-push-province-past-2005-record-real-estate-group-says\" target=\"_blank\">Vancouver Home Sales Forecast to Push Province Past 2005 Record<\/a> by Katia Dmitrieva | Bloomberg News | Financial Post<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vancouver\u2019s torrid real estate market will propel housing sales in British Columbia past their 2005 high to a record this year before prices cool in 2017, the province\u2019s real estate &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/06\/vancouver-home-sales-forecast-to-push-province-past-2005-record\/\">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-2195","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Vancouver Home Sales Forecast to Push Province Past 2005 Record &#8226; 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