Residential home prices in the Northern B.C. is expected to boom in the next two years, while the rest of the province will slow down, after a vigorous economic expansion.
According to a recent report released by Central 1 Credit Union, home prices in the lower mainland will drop, but residential home prices in Northern B.C will surge faster than other regions as the LNG project in Kitimat hires up to 7,500 workers at its peak.
Deputy Chief Economist Bryan Yu says B.C’s economy is entering a slower growth phase from 2018 to 2020 due to a slower housing market. While home prices in the lower mainland are expected to drop by three to four per cent, home values in the north will go up because of increasing employment opportunities.
On the Northeast area where Kitimat is located; among other communities for the next couple of years, up to 15 per cent increase in terms of home values. – Bryan Yu