Sales down but prices up: latest forecast from B.C. Real Estate Association

The B.C. Real Estate Association is out with its Third Quarter Housing Forecast update, and it’s predicting a 10% decline in the number of sales this year.

But it says strong economic fundamentals are supporting consumer demand that is expected to keep home sales at elevated levels this year and in 2018.

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What’s pushing Vancouver home prices higher now?

Home prices in Vancouver continue their ascent a year after the BC government imposed a foreign-homebuyer tax on the metro area a year ago, and it has a lot to do with an insufficient supply of housing, TD Bank observes.

“We don’t anticipate a significant drop in home prices in any way. Interest rates are going up but they’re going up very gradually, and really what matters is the supply-demand balance of home price,” Diana Petramala, TD Bank economist, tells BuzzBuzzNews.

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