Residential sales in the province are set to grow over 2014, according to the British Columbia Real Estate Association's (BCREA) 2014 First Quarter Housing Forecast Update published January 30.
BCREA forecasts a 4.8% increase to 76,450 units this year. It also predicts a further 7% increase in 2015, to 81,000 units.
"Housing demand in the province has nearly fully recovered from the 2012 downturn," said BCREA chief economist Cameron Muir.
"Over the next year, BC will be the beneficiary of more robust global economic growth, led by a resurgent US economy and a favourable exchange rate. The resulting boost in employment will help underpin the housing market."
Muir said home prices are not expected to increase at a much higher rate than inflation, citing the fact that housing starts are expected to keep in line with consumer demand. BCREA expects a 1.8% increase in residential homes, to $547,300, this year, as well as growth of 1.7% to $556,800 in 2015.
