B.C.’s real estate market expected to ‘remain vigorous’ in 2022: BCREA
Jon Azpiri - Global News • November 12, 2021
Home prices are expected to rise in 2022, but sales will take a dip, according to new data from the BC Real Estate Association.
A BCREA report issued Thursday said sales in B.C. are expected to jump 29 per cent to more than 120,000 units this year, compared with 94,000 in 2020.
The association forecasts sales of 102,000 units in 2022, a pullback of 15 per cent.
After a frenzied start to the year, activity in B.C. housing markets has settled back to a level that is broadly in-line with long-run trends. The strength of the first half of this year has sales on track to easily break the previous record for annual sales,” BCREA chief economist Brendon Ogmundson said.
“While we do not anticipate a repeat of the record-setting market of 2021, we do expect housing market activity to remain vigorous in 2022.”
With strong demand and low inventory, particularly in smaller markets in B.C., the average home price is predicted to see a 17 per cent bump in 2021, with prices forecast to rise about three per cent next year.
With strong demand and low inventory, particularly in smaller markets in B.C., the average home price is predicted to see a 17 per cent bump in 2021, with prices forecast to rise about three per cent next year.
A new global analysis suggests Canada’s major metros are among the hardest places on earth for young people to buy their first home, with Vancouver, Toronto and Montreal ranking near the bottom of a 70-city affordability index. The study, from UAE-based developer Bloom Holding, estimates the typical first-time buyer in Vancouver enters the market at age 46, while those in Toronto and Montreal reach homeownership at around 40 and 39, respectively. The findings echo a broader North American trend. In the United States, the median first-time buyer age has climbed to a record 40, according to the National Association of Realtors — up from 33 just a few years ago — as higher rates and decade-long price gains delay ownership for younger households. 👉 Read the Article Here
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