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By Paul Henderson Black Press There is little question that 2021 will be the greatest year ever in British Columbia realty sales with average house list price likewise hitting new heights. However while the B.C. Real Estate Association (BCREA) forecasts fading momentum by the end of the year to reduce the number of sales in 2022, rates might continue to rise.

" The record-setting pace of home sales that started in late fall of 2020 has actually continued into 2021 with markets across the province eclipsing previous regular monthly sales records by large margins," according to the BCREA's second quarter real estate projection.  Check Here For More  in B.C. in 2020 represented a 21. 5 percent increase over 2019, and the typical sale cost of $781,765 was a 11.

And 2021 is proving to be even hotter with the BCREA predicting 125,600 home sales, a 33. 6 percent boost over 2020. The typical house cost is anticipated to strike $893,800 in 2021, a 14. 3 per cent boost over 2020. Those sales and rate forecasts almost double predictions made in the very first quarter.

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That could slow with a creep up in rates of interest and a catch-up in supply, however not any time quickly. "The trajectory of house sales in the 2nd half of 2021 and for 2022 will be highly depending on the evolution of Canadian home mortgage rates," the BCREA forecasts. "Home sales will likely slow toward the second half of this year.

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3 per cent drop in sales to 100,150, but a 3. 1 per cent boost in the typical rate of all home types to $921,800. Broken down by area, BCREA predicts the small Chilliwack and District Realty Board to see the biggest increase in sales in 2021 up 51.

8 per cent, Powell River Sunshine Coast at 38. 2 percent, and the Interior and BC Northern at 31. 9 and 31. 1 percent respectively. The average rate of a house in Greater Vancouver in 2021 is forecast to be $1. 174 million, with the Fraser Valley at $969,400, and Victoria at $866,200.

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This is particularly real in smaller sized markets, numerous of which have actually seen inventories of homes for sale fall to lowest levels.".

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