{"id":4151,"date":"2016-11-29T11:11:32","date_gmt":"2016-11-29T19:11:32","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=4151"},"modified":"2016-11-29T06:57:21","modified_gmt":"2016-11-29T14:57:21","slug":"bcrea-2016-fourth-quarter-housing-forecast-bc-home-sales-to-decline-in-2017-from-record-pace","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/11\/bcrea-2016-fourth-quarter-housing-forecast-bc-home-sales-to-decline-in-2017-from-record-pace\/","title":{"rendered":"BCREA 2016 Fourth Quarter Housing Forecast &#8211; BC Home Sales to Decline in 2017 from Record Pace"},"content":{"rendered":"<p style=\"text-align: justify;\">Vancouver, BC \u2013 November 29, 2016. The British Columbia Real Estate Association (BCREA) released its 2016 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 climb 11% to a record 113,800 units this year, eclipsing the previous record of 106,310 units in 2005. Less robust economic conditions combined with government policy constraints are expected to slow housing demand by more than 15% to 96,300 units in 2017.<\/p>\n<p style=\"text-align: justify;\">However, housing demand is expected to remain well above the ten-year average of 85,000 unit sales.<\/p>\n<p style=\"text-align: justify;\">\u201c&#8221;Housing demand across the province is expected to moderate next year as declining affordability related to rising prices and government policy interventions limit the number of eligible buyers,&#8221; said Cameron Muir, BCREA Chief Economist. &#8220;However, while home sales are not expected to repeat this year&#8217;s record performance, consumer demand is expected to remain well above the ten-year average.&#8221;<\/p>\n<p style=\"text-align: justify;\">The average MLS\u00ae residential price in the province is forecast to increase 9.8% to $698,900 this year. The supply of homes for sale is expected to trend higher next year as moderating demand is met with added new home completions. A trend toward more balance in the market will unfold next year and exert less upward pressure on home prices. In addition, a larger contraction in the number high-end home sales will contribute to moving the aggregate average price statistic lower. As a result, the average MLS\u00ae residential price in the province is forecast to decline 6.4% to $654,200 in 2017.<\/p>\n<p style=\"text-align: justify;\">\u00a0\u00a0\u00a0\u00a0 <a href=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2016\/11\/bcrea-1.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-4152\" src=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2016\/11\/bcrea-1-300x225.jpg\" alt=\"bcrea\" width=\"492\" height=\"369\" srcset=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2016\/11\/bcrea-1-300x225.jpg 300w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2016\/11\/bcrea-1.jpg 480w\" sizes=\"auto, (max-width: 492px) 100vw, 492px\" \/><\/a><\/p>\n<p><a href=\"http:\/\/www.bcrea.bc.ca\/docs\/news-2016\/2016-11-29forecast.pdf?sfvrsn=2\" target=\"_blank\">Click here<\/a> for the complete news release, including detailed statistics.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vancouver, BC \u2013 November 29, 2016. The British Columbia Real Estate Association (BCREA) released its 2016 Fourth Quarter Housing Forecast today. Multiple Listing Service\u00ae (MLS\u00ae) residential sales in the province &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/11\/bcrea-2016-fourth-quarter-housing-forecast-bc-home-sales-to-decline-in-2017-from-record-pace\/\">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-4151","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 2016 Fourth Quarter Housing Forecast - BC Home Sales to Decline in 2017 from Record Pace &#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\/2016\/11\/bcrea-2016-fourth-quarter-housing-forecast-bc-home-sales-to-decline-in-2017-from-record-pace\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BCREA 2016 Fourth Quarter Housing Forecast - BC Home Sales to Decline in 2017 from Record Pace &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Vancouver, BC \u2013 November 29, 2016. 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