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Housing market forecast

The B.C. Real Estate Association expects the rise of house prices to slow this year.

The average annual residential price is forecast to remain essentially unchanged, albeit up point 5 per cent to 716,100 dollars.

On Vancouver Island, north of the Malahat, the average house price is expected to rise from 465,000 in 2018, to 480,000 in 2019 and hit 491,000 dollars in 2020.

However, the unit sales are expected to slow from 8,391 in 2018, to 8,000 in 2019 and then rebound to 8,200 in 2020.

The Association expects there will be a modest improvement in consumer demand unfolding over the next two years as households adjust to the mortgage stress test.

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