Home Sales Predicted to Slip Next Year
Prince George, B.C. – The BC Real Estate Association is predicting a slight increase in the number of units sold this year in the Northern region, but a drop in sales is forecast for 2017.
According to the latest forecast, the number of units to have sold in 2016 in the Northern region ( which includes Prince George) is expected to be 4,240, that’s up 0.6% from last year. However, the BCREA is not so optimistic for 2017.
The latest forecast predicts there will be a 3.3% drop in the number of units sold next year. The good news is, the BCREA forecasts the average price in the Northern region will be up by about 1.1% to $266,000 .
The BCREA cites “less robust economic conditions combined with government policy constraints ” as the reasons for the predicted decline in sales.
Provincially, the number of homes sold in B.C. this year is expected to be a record high of 113,835. While the BCREA expect 2017 will see fewer homes sold, it predicts “consumer demand is expected to remain well above the ten year average.”