Home sales are expected to dip by 23 per cent this year before rising 12 per cent next year, according to the fourth quarter forecast from the B.C. Real Estate Association.
“However, continuing strong performance in the economy combined with favourable demographics is expected to push home sales above their 10-year average in 2019,” said the association’s chief economist, Cameron Muir.
Low unemployment, meanwhile, has kept demand for B.C.’s real estate high.
It’s a trend the association expects to grow, with help from recent large investments like LNG Canada’s agreement to build an export terminal in Kitimat, as the labour force expands.
As millennials continue to move up in the job market, the organization expects they’ll keep buying condos, while retirees cash in their equity and move to retirement homes.