Low sales and flat prices are forecast for 2019. While interest rates are forecast to be steady, with a chance of temporary cuts due to declining bond yields, most factors will lean against a significant rebound, including moderating economic growth and restrictive government policy. Total provincial sales are forecast to rise about 3% to 81,000 units this year, with the average price forecast to decline by about 1.5%.
During December, B.C.’s consumer price index (CPI) increased a modest 0.1% over November. However, the conventional year-over-year measure of CPI inflation rose 3%, up from 2.4% in November. The household operations index was 5.3% higher than last December due to a jump in prices for telephone services and internet access services. Child-care and housekeeping services prices were 8.1% higher than in December 2017. The transportation index was up 4%, mainly on higher air travel prices. •
Bryan Yu is deputy chief economist at Central 1 Credit Union.
Data provided by: Victoria Real Estate Board 3035 Nanaimo Street, Victoria, British Columbia V8T 4W2
All information displayed is believed to be accurate but is not guaranteed and should be independently verified. No warranties or representations are made of any kind.
The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. The trademarks MLS®, Multiple Listing