The British Columbia Real Estate Association (BCREA) has now released its 2021 Second Quarter Housing Forecast.
Multiple Listing Service® (MLS®) residential sales in the province are forecast to rise 33.6 per cent to 125,600 units this year, after recording 94,013 sales in 2020. In 2022, MLS® residential sales are forecast to pull back 20.3 per cent to 100,150 units.
“Home sales across the province are on pace to shatter previous records,” said Brendon Ogmundson, BCREA Chief Economist.
“However, there are early signs that markets are calming from the frenetic pace of recent months and could balance out over the second half of this year.”
"The trajectory of home sales in the second half of 2021 and for 2022 will be highly dependent on the evolution of Canadian mortgage rates. Fixed mortgage rates have started to rise from a record-low average of 1.8 per cent to just over 2 per cent and could rise further as the Bank of Canada tapers its bond purchases through...