Provincial Housing Market Activity Normalizing into 2022.
The British Columbia Real Estate Association (BCREA) released its 2021 Third Quarter Housing Forecast Update.
With strong demand being supported by low mortgage rates and a rapidly rebounding post-COVID economy, the more significant concern is whether there will be an adequate supply of listings in the market.
The supply situation is especially severe in markets outside the Lower Mainland, where new listings activity has been lackluster.
As a result, the average price in 2021 is on track to post a second consecutive year of double-digit gains. We are forecasting the provincial average price to rise 16.6 per cent to $911,300 this year, followed by a 2.9 per cent gain next year to $937,300.
Read the full article here.
Credit BCREA
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