News: Vancouver Real Estate MarketSales in BC are forecast to rise in 2020
Multiple Listing Service® (MLS®) residential sales in the province are expected to decline 9% to 71,400 units in 2019, after recording 78,346 residential sales in 2018. MLS® residential sales are forecast to increase 14% to 81,700 units in 2020. "The shock to affordability from restrictive mortgage policies, especially the B20 stress test, will continue to limit housing demand... May sees a 5 year high in housing supply and a modest increase in home sales.
Metro Vancouver home sales exceed 2,000 for the first time in 2019, while buyer demand remains below averages. The Real Estate Board of Greater Vancouver (REBGV) reports residential sales in Metro Vancouver area totaled 2,638 in May 2019, a 44.2% increase from the 1,829 homes sold in April 2019. "High home prices and mortgage qualification issues caused by the federal government’s B20 stress test remain significant factors behind the reduced demand that the market is experiencing today," Ashley... |
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According to the British Columbia Real Estate Association (BCREA), sales in BC are forecast to rise next year.