The British Columbia Real Estate Association (BCREA) 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.”
Many markets, especially those outside of major metro areas, remain very low on supply. As a result, market conditions are extraordinarily tight and prices are rising rapidly. We are forecasting a 14.3 per cent rise in the MLS® average price this year, followed by a further 3.1 per cent in 2022.