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BC Home Sales Forecast to Rise Through 2016
BCREA 2015 First Quarter Housing Forecast Update
Vancouver, BC – February 11, 2015. The British Columbia Real Estate Association (BCREA) released its 2015 First Quarter Housing Forecast Update today.
Multiple Listing Service® (MLS®) residential sales in British Columbia are forecast to rise 2.4 per cent to 86,050 units this year and a further 3.9 per cent to 89,400 units in 2016. The ten-year average is 82,100 unit sales. A record 106,300 MLS® residential sales were recorded in 2005.
The average MLS® residential sales price is forecast to rise 4.5 per cent to $594,000 this year, with most of the upward pressure being exhibited on the South Coast. Elevated consumer demand is expected to be partially offset by resale inventories and additions to the housing stock in 2016. As a result, the average MLS® residential sales price is forecast to increase by 2.4 per cent to $608,500 next year.
Source: BCREA
Canadian and US Employment - February 6, 2015
The Canadian economy gained 35,000 thousand jobs to start 2015 while the national unemployment rate declined 0.1 points to 6.6 per cent. Stronger than expected job growth to start the year and rebounding oil prices may prompt a rethink among those expecting a second rate cut by the Bank of Canada in March.
In BC, employment was up by 6,700 jobs in January. Full-time employment was particularly strong for a second consecutive month, rising by 12,800 while part-time employment declined 6,100. The provincial unemployment rate ticked 0.1 points higher to 5.6 per cent as the additions to people looking for work outnumbered job growth.
In the United States, the labour market continues to gain strength. January payroll growth registered 257,000 jobs while previous months estimates were revised higher by a combined 147,000 jobs. The US unemployment rate rose to 5.7 per cent due to an expanding labour force.
Source: BCREA (British Columbia Real Estate Association).