Pre construction condos markham . Real estate sales of 90450 units this year are up 16.9%. The British Columbia Real Estate Association (BCREA) yesterday released its property forecast for the fourth quarter of this year, showing that housing sales in the province increased by 16.9% to 90450 units. Sales are expected to reach 99240 units next year, an increase of 9.7%.
Brendon Ogmundson, chief economist at BC, said: the province’s housing market set a record this autumn, mainly due to a large number of pent-up housing, demand pouring into the market, which led to a rapid rise in house prices.
However, the prices of some of the houses that are in demand have been lowered, attracting more sellers to enter the market and changing the speed of housing sales.
On the other hand, with mortgage interest rates at historic lows and driven by economic recovery, it is believed that the property market can still maintain a strong trend.
Brendon Ogmundson, chief economist at BC, points out that property prices in the province have risen by an average of 9.9 per cent this year and between 2.5 per cent and 3 per cent next year.
He believes that although the property market is affected by the epidemic, he remains optimistic about the future property market; with the introduction of more economic recovery policies in the province, the introduction of COVID-19 vaccine, and other factors, will increase the confidence of buyers to buy houses, and then promote the development of the property market for the better.