Multiple Listing Service® (MLS®) residential sales in the province are forecast to decline 14.1 per cent to 96,345 units this year, after posting a record 112,209 unit sales in 2016. Consumer demand has declined from the record level experienced during the first quarter of 2016. Rising property tax burdens aimed at foreign buyers and at sales of homes valued over $2 million have impacted home transactions, especially in Metro Vancouver. In addition, new federal rules requiring low-equity homebuyers to qualify at the higher posted five-year mortgage rate, rather than their negotiated rate, will delay home ownership for many potential first-time buyers.

Source: BCREA