BC's Housing Market Update for Q3, 08/14

Good news and more good news...

“Stronger than expected consumer demand (for housing) in the third quarter triggered an upward revision in the housing forecast,” said Cameron Muir, BCREA Chief Economist. “Rising consumer demand is now broad-based across the province, with some of the largest year-over-year gains occurring in the Okanagan and the Kootenay regions.”

  • Construction intentions in the Kelowna CMA rose 19.2 cent from May and were 50.2 per cent higher year-over-year.
  • BC Multiple Listing Service® (MLS®) now forecasts residential sales to increase a healthy 9.8 per cent in 2014, and another 4 per cent in 2015.
  • The construction of new homes is keeping pace with the population increase and we are still seeing a continued rise in the value of home. [source]

In a nutshell, what this means is that the real estate market is recovering and prices as well as availability is relatively stable – neither a buyer’s nor a seller’s market exists.

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