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October 27, 2017 8:00 pm

Home Sales Predicted to Slip Next Year

Friday, December 2, 2016 @ 5:50 AM

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.”


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