By Daryl Major

BC housing market to remain strong

Aug 24, 2016 | 11:21 AM

NANAIMO — An already strong housing market in BC and on Vancouver Island is expected to continue.

In their latest forecast, Central 1 Credit Union predicts strong growth through 2018.

Senior Economist Bryan Yu says Metro Vancouver will cool off because of a new foreign buyer tax, but notes Vancouver Island should benefit.

“We’re looking at the potential of the impact of growth in migration. Not only from areas like Alberta but we’re also looking at the impacts from Metro Vancouver area where people are looking for more affordable housing,” said Yu.

The updated forecast also sees sales activity on the mid-Island with double digit growth this year.

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“We are looking at sales growth around 12 percent this year for overall activity. And it’s a reflection of, I think, some of the key trends of tourism growth. We’re also looking at the potential impacts of growth in migration.”

Central 1 expects 20 percent growth in sale prices in Victoria but strong numbers outside the Capital Region also.

“We’re seeing roughly year to date gains in the rest of the Island somewhere around the 8 to 10 percent range right now. So again it’s a very strong pricing environment reflecting the limited supply or the lack of available inventory right now in the market”

Yu adds with limited inventory, this resale environment will help lift the number of new home starts going forward.