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BC home sales expected to decline in 2017 according to BC Real Estate Association

The BC Real Estate Association predicts home sales in the province will decline after a record pace this year.

However, Chief Economist, Cameron Muir believes Northern BC should not see any drastic changes.

“The north has been quite stable. In fact, when we look at sales through the Northern BC Real Estate Board we expect them to be about the same as we saw in 2016 albeit down about 0.6%.”

The recent Foreign Home Buyers Tax in the lower-mainland hasn’t impacted things on a provincial scale yet.

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The BCREA does not expect that to be an issue in Prince George. “Housing starts in Prince George are up about 60% overall based on a huge increase in multiple units and that’s the result of a much more diversified economy in Prince George says Muir.”

The average home price in Northern BC for 2017 is expected to be $266,000.

In Prince George, that figure will remain around $300,000.

Over 4,100 unit sales are expected for Northern BC in 2017 which is a foretasted decline of 3.3% from 2016.

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