{"id":772,"date":"2016-01-28T08:55:55","date_gmt":"2016-01-28T16:55:55","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=772"},"modified":"2016-01-28T08:52:05","modified_gmt":"2016-01-28T16:52:05","slug":"bcrea-strong-housing-demand-forecast-through-2017","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/01\/bcrea-strong-housing-demand-forecast-through-2017\/","title":{"rendered":"BCREA : Strong Housing Demand Forecast Through 2017"},"content":{"rendered":"<p style=\"text-align: justify;\"><strong>BCREA 2016 First Quarter Housing Forecast Update<\/strong><\/p>\n<p style=\"text-align: justify;\">Vancouver, BC \u2013 January 28, 2016. The British Columbia Real Estate Association (BCREA) released 2016 First Quarter Housing Forecast Update today.<\/p>\n<p style=\"text-align: justify;\">Multiple Listing Service\u00ae (MLS\u00ae) rresidential sales in the province are forecast to edge back 6.2% to 96,100 units this year, after reaching 102,517 units in 2015. Strong consumer demand is expected to push MLS\u00ae residential sales up by 2% to 98,000 units in 2017.<\/p>\n<p style=\"text-align: justify;\">Housing demand in the province is being supported by a relatively robust economy, leading to strong employment growth and rising wages. In addition, net interprovincial migration is on an upswing as many Albertans look to BC for job opportunities. BC home sales are forecast to remain well above the ten-year average of 83,200 units over the next two years.<\/p>\n<p style=\"text-align: justify;\">\u201cThe inventory of homes for sale is now at its lowest level in almost a decade,\u201d said Cameron Muir, BCREA Chief Economist. \u201cFewer homes for sale and strong consumer demand are expected to push home prices higher in most BC regions this year and in 2017.\u201d The average MLS\u00ae residential price in the province is projected to increase 6.4% to $677,200 this year and a further 4.1% to $705,300 in 2017.<\/p>\n<p style=\"text-align: justify;\">New home construction activity is expected to remain at elevated levels corresponding to strong consumer demand and relatively thin inventories, particularly on the South Coast.\u00a0 Total housing starts in the province are forecast to remain close to an annual pace of 30,000 units through 2017, which will be the strongest two year performance since the 2007-2008 period.<\/p>\n<p style=\"text-align: justify;\">\u00a0\u00a0\u00a0\u00a0 <a href=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2016\/01\/BDREA.jpg\" rel=\"attachment wp-att-775\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-775\" src=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2016\/01\/BDREA-300x225.jpg\" alt=\"BDREA\" width=\"550\" height=\"412\" srcset=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2016\/01\/BDREA-300x225.jpg 300w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2016\/01\/BDREA.jpg 525w\" sizes=\"auto, (max-width: 550px) 100vw, 550px\" \/><\/a><\/p>\n<p><a href=\"http:\/\/www.bcrea.bc.ca\/docs\/news-2016\/2016-01-28forecast.pdf\" target=\"_blank\">Click here<\/a> for a PDF version of this news release, including data table.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>BCREA 2016 First Quarter Housing Forecast Update Vancouver, BC \u2013 January 28, 2016. The British Columbia Real Estate Association (BCREA) released 2016 First Quarter Housing Forecast Update today. Multiple Listing &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/01\/bcrea-strong-housing-demand-forecast-through-2017\/\">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-772","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>BCREA : Strong Housing Demand Forecast Through 2017 &#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\/01\/bcrea-strong-housing-demand-forecast-through-2017\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BCREA : Strong Housing Demand Forecast Through 2017 &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"BCREA 2016 First Quarter Housing Forecast Update Vancouver, BC \u2013 January 28, 2016. 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