The B.C. housing market will see slow but steady growth over the next three years, according to a forecast by Central 1 Credit Union.
The trade association for B.C. and Ontario credit unions predicts the number of sales will rise about seven per cent to 72,500 in 2014, and reach 84,000 by 2016. The median resale price is forecast to increase 1.5 per cent in 2014, 2.5 per cent in 2015 and three per cent in 2016.
New home sales are expected to rebound by about 30 per cent in 2014, but remain at a low level of 15,500 units sold, said Central 1 economist Brian Yu.
New construction in the Lower Mainland Southwest region is expected to decline slightly due to high inventory, while housing starts are forecast to rise in most other areas of the province.