The BC Real Estate Association Housing Forecast is out today. It mirrors what I've been predicting, which is the expectation that in response to low inventory, gradually rising interest rates, and a decrease in borrowing power from new OSFI regulations, market volume is slowing. The number of sales in BC is expected to be down just under 9% for 2017, and another 10% for 2018, which should mean a more balanced market to work in, and while we aren't expecting to see home prices go down overall, the rapid rise in prices that we've seen in the past few years is predicted to level off to low single-digit increases. If this all comes to pass, I think it's good news for consumers and Realtors, giving everyone a little room to breathe.
The full forecast is available here.
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