The BC Real Estate Association (BCREA) is projecting a 10% decrease in home sales for the third quarter of 2017.
That’s a decline of 100,900 units compared to a record-setting 112,209 during the same period last year.
However, BCREA Chief Economist Cameron Muir says Northern BC activity is trending upward.
“It’s been quite steady over the last few years in terms of overall growth of three to four percent a year, and prices are on the uptick as well. We’re expecting about a seven percent increase in overall home prices across the north this year.”
He adds the increase is a result of impeccable timing by BC’s economy, which currently sits as the best in Canada.
“Retail sales are expected to be up eight percent this year, and really for the north we look at exports in British Columbia by dollar volume were up 23% compared to last year big increases in exports of coal and Energy Products as well as agriculture.”
Muir says this is likely to continue through all of 2018.
@BCREA reports that Robust BC home sales supported by strong economy – https://t.co/4CxLdAgANY pic.twitter.com/feDh5U91lT
— BC Real Estate Assoc (@bcrea) August 31, 2017
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