B.C. housing demand highest since 2007: Real estate association

The demand for housing in British Columbia is at its strongest since 2007, according to the B.C. Real Estate Association.

In its 2015 second quarter housing forecast, released Monday, the association says residential sales in B.C. are forecast to rise 2.4 per cent this year and 3.9 per cent in 2016.

Meanwhile, residential sales prices are also forecast to shoot up 4.5 per cent this year and another 2.4 per cent next year.

While the projections fall well short of a record-setting 2005 (when 106,300 sales were recorded), it represents the strongest housing demand in the province since 2007.

The forecast was released as housing affordability in Vancouver has dominated headlines and public debate.

Also on Monday, Insights West released a new poll showing 73 per cent of British Columbians support an “Absentee Homeowner Tax” for people who acquire residential properties but don’t live in them.

Last month, real estate marketer Bob Rennie and Vancouver Mayor Gregor Robertson both publicly supported the idea for a provincial speculation tax targeting investors who sell property shortly after acquiring it for a quick profit.

Approximately 500 people attended a #donthave1million affordable housing rally at the Vancouver Art Gallery on May 24.

http://metronews.ca/news/vancouver/1384385/b-c-housing-demand-highest-since-2007-real-estate-association/