As BC’s economy slows down over the next two years, its housing market will also ease and will be marked by declining home sales into 2020.
This year, residential sales across the province are set to drop nine per cent to 94,200 units, after seeing a record 103,700 sales in 2017, according to the British Columbia Real Estate Association’s (BCREA) 2018 second quarter housing forecast, released Thursday.
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“The housing market continues to be supported by a strong economy,” says Cameron Muir, BCREA chief economist, in a statement.
“However, slower economic growth is expected over the next two years as the economy is nearing full employment and consumers have stepped back from their 2017 spending spree,” he adds.
In 2019, sales are projected to remain relatively unchanged at 94,000 units before dropping further to 84,800 units in 2020. However, these annual totals are still above the 10-year average for the province.