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December 2018 Market Update

 

Real estate forecast anticipates 2019 sales to edge up after 2018's fall

The British Columbia Real Estate Association estimates that economic growth will remain strong enough to support a boost in sales next year after a substantial decline in 2018, according to its latest forecast

When the dust settles at the end of this year, association chief economist Cameron Muir expects sales recorded through the Multiple Listing Service will have fallen 23 per cent to 80,000 transactions, compared with 103,768 in 2017.

“However, continuing strong performance in the economy combined with favourable demographics is expected to push home sales above their 10-year average in 2019,” Muir said.

Province wide, Muir’s forecast is for sales to rise 12 per cent to almost 90,000 units, but with a record number of new homes under construction and high levels of inventory, home prices will be more in keeping with inflation.

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Click the link below to view the monthly market statistics for your area in an easy to understand infographic. Listings, sales and prices are summarized for condos, townhomes and single family homes in cities across BC.

 

Abbotsford

Bowen Island

Burnaby East

Burnaby North

Burnaby South

Cloverdale

Coquitlam

Kelowna

Ladner

Langley

Maple Ridge

Mission

Nanaimo

New Westminster

North Delta

North Surrey

North Vancouver

Parksville

Pitt Meadows

Port Coquitlam

Port Moody

Richmond

South Surrey/
White Rock

Squamish

Sunshine Coast

Surrey - Central

Tsawwassen

Vancouver - East

Vancouver - West

Victoria

Vernon

West Vancouver

Whistler

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B.C. Real Estate News

LOWER MAINLAND

Sales down 43% for all home types across Metro Vancouver in November: REBGV (BIV)

Sales drop 41% in Fraser Valley real estate in November (Surrey Now-Leader)

Empty homes tax not helping rental crisis, generating millions more for Vancouver: report (CBC)

VICTORIA & VANCOUVER ISLAND

Home sales down, prices still high across Victoria and surrounding area (Chek)

Construction pace in Greater Victoria expected to cool, rental vacancy rate to rise (Times Colonist)

WHISTLER

Whistler condo prices skyrocket as retirees, investors drive demand (Western Investor)

OKANAGAN

Real estate sales forecast slow across Okanagan (Vernon Morning Star)

Housing market stays cool (Castanet)

 
 

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©2018 Macdonald Realty Ltd. 2105 W 38th Ave, Vancouver, B.C. V6M 1R8 | macrealty.com