Real Estate Market in North to See Growth
Prince George, B.C. The BC Real Estate Association is predicting the real estate market throughout the north will see a 2.6% increase in sales by the end of this year.
The BCREA also forecasts the average price will change only slightly from the $264,696 dollar average of 2015, to $265 thousand. The forecast for 2017 is a little brighter with a predicted average price of $272,500, an increase of 2.8%.
The market throughout the north will remain a “buyers-balanced” market for a while says the Association in it’s 3rd quarter report “The Northern regions are still grappling with weak commodity demand overall and low oil and gas prices in particular. In aggregate, the North is likely to remain in buyers-to-balanced market conditions well into 2017. ”
The Northern region, is expected to see a 4% increase in resales in 2017 and a further 2.8% increase in the average price.
The Association also predicts that province wide, housing demand in BC will moderate with home sales declining nearly 8 per cent to 104,400 units by the end of next year. However, housing demand in the province is expected to remain well above the ten-year average of 85,000 unit sales.
The new 15% tax on foreign national purchases of homes in Metro Vancouver is expected to accelerate a moderating trend in the market says the BCREA, but with other regions of the province performing above expectations the softening of the Vancouver market should be offset.
The BCREA says increased numbers of construction of new homes and more resale homes on the market are expected to “create more balance and less upward pressure on home prices.”