The British Columbia Real Estate Association (BCREA) is predicting a decline in home sales of 10 per cent this year.
In its 2017 Second Quarter Housing Forecast, it also predicts a 1.1 per cent decrease in the average residential price to $683,500, but it said that will be caused by a larger proportion of home sales outside the Metro Vancouver region.
BCREA chief economist Cameron Muir said strong employment growth, consumer confidence, and an influx of inter-provincial migrants will continue to be important drivers of the housing market this year.
He says with supply at a 20-year low, it remains a seller’s market in most parts of B.C. and among most home types.