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.”
Comments for this article are closed.