Broad-based consumer demand lifting BC housing markets Multiple Listing Service® (MLS®) residential sales in British Columbia are forecast to increase 9.8 per cent to 80,100 units this year, after increasing 7.8 per cent to 72,936 units in 2013. This will be the first time in five years that annual MLS® residential sales will eclipse the 80,000 threshold, reaching the 15-year average. After a relatively weak first quarter, home sales rose sharply in the second quarter as record low mortgage interest rates and relatively stronger economic conditions helped invigorate consumer confidence. Rising consumer demand is broad-based across the province. Economic conditions in the province are on an upward trend. Retails sales are now rising at the pre-recession average; total net migration is rebounding and expected to climb by 14 per cent this year, while interest rates continue at rock bottom levels. In addition, stronger global economic growth both this year and next will lead to rising demand for BC exports. Exports to the US are already up more than 12 per cent this year. More robust economic growth is expected to turn around the anemic pace of job creation and further bolster overall housing demand. MLS® residential sales are forecast to increase a further 4 per cent to 83,300 units in 2015.
Posted on: Tue, 09 Sep 2014 20:42:08 +0000
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