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BCREA releases first quarter housing report

The British Columbia Real Estate Association released it’s first quarter forecast today (Thu).

Chief Economist, Cameron Muir says overall housing sales in the north were down compared to the rest of the province.

“When we look closely in the northern half of the province, sales were down about 6.5% and that is because of lower commodity prices, a collapse in oil prices and has had an impact on consumer confidence.”

Muir adds people living in the region can expect two things to happen.

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“We really see home sales about the same as they were in 2015 and some modest increases in growth of about 2.5% in 2017. On the pricing side they will be down about 5% overall across the north.”

With BC being one of the best performing economies right now it will drive a lot of migration from other parts of Canada including Alberta.

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