skip to Main Content

Falling B.C. real estate market projected to bring national home sales down to nearly 10-year low

By Sean Boynton for Global News

Falling home sales in B.C. are set to drag national sales down to lows not seen in nearly a decade, according to projections released by the Canadian Real Estate Association (CREA) on Monday.

The association’s latest quarterly forecast projects B.C.’s market to take another 5.2-per-cent hit in 2019, bringing home sales in the province down nearly 30 per cent since 2017, when sales exceeded 100,000 units.

Vancouver Real Estate News, Market Updates, Insider Tips, Stats, & Analysis

Sign up for insider real estate news & tips from our podcasting team.

Are you a realtor? Click here
Selling Your Home? Click here

  • Reload
  • Should be Empty:

Rising interest rates and strict mortgage stress-test rules are being blamed for the nationwide slump, which is expected to fall 0.5 per cent in 2019 to a nine-year low of 456,200 units sold, after dropping just over 11 per cent in 2018 to 458,200 units, which was already a five-year low.

In the west, the CREA is holding B.C.’s rising foreign buyers tax and oil price declines in Alberta responsible for falling sales there, which are expected to continue well into the new year.

Continue reading the full story here >>

This Post Has 0 Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

As Seen and Heard On

Media enquiries and press contact info:

© 2020 Matt Scalena PREC* & Adam Scalena PREC* , all rights reserved • Site MapBy Line49 Web Design, Vancouver BC

*Considering a real estate transaction? One of the first decisions you will need to make is whether you should work with a licensed real estate professional who will represent you. Take a moment to read this important consumer protection information from the Real Estate Council of BC. This form explains the special legal duties that real estate professionals owe to their clients. CLICK HERE and please call 778-847-2854 or 778-866-4574 immediately if you would like to discuss.

Back To Top