BCREA Housing Forecast
Posted by Pinpoint Listings Marketing Group on
Based on BCREA's housing forecast for the second quarter, the housing market in BC is not doing well and is currently at a low-activity state. There are fewer sales and listings than usual. This has caused home prices to adjust after the sharp rise in interest rates with home sales starting the year down 50% from last year and still about 25% lower than usual. This may also affect the new home construction market, but long-term population growth is expected to keep housing starts higher than normal.
When the housing market is slow, people usually spend less money on home-related things like furniture and appliances. However, in British Columbia, retail sales have remained steady, possibly because people have been spending less for the past two years.
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