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Home prices predicted to keep climbing – at slower rate

By Joannah Connolly for Squamish chief

Home sales across the Real Estate Board of Greater Vancouver region – including Sea-to-Sky and Sunshine Coast – may be soft so far this year, but that won’t be enough to reduce average prices, according to the British Columbia Real Estate Association (BCREA).

In its quarterly outlook, the BCREA predicted that the region’s home sales on the MLS for the whole of 2018 will total 37,200 units, which is down 10.7 percent compared with 2017 – but that transactions will recover somewhat in 2019 to rise 3.7 percent.

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The report said the average Greater Vancouver home sale price this year will be $1.08 million, which is 4.7 per cent higher than 2017’s average price of $1.03 million. BCREA added that it expected a continued slight rise of 2.3 per cent next year, to just over $1.1 million. This average encompasses all property types and all areas of the region, and doesn’t take into account larger variables between different property types and neighbourhood sub-markets.

 

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