Single-family homes will have sold for an average $281,000 by the end of this year, Canada Mortgage and Housing Corporation says in its latest forecast.
That represents a 3.5 per cent increase over the $271,581 a home typically went for in 2014.
As of the end of September, the average price for 2015 was $282,986 according to the B.C. Northern Real Estate Board.
CMHC is further predicting the average price for 2016 will be $290,000 and $298,000 for 2017.
Looking at new construction, CMHC is predicting work will have begun on 145 new single family homes.
As of the end of September, there were starts on 128 new houses.
The figure is expected to remain the same in 2016, at 145, then rise to 160 in 2017.
As for units of multiple-family, at 95 the total has already exceeded the expectation of 85 for the year.
CMHC is predicting the total for 2016 will back off to 65 in 2016, then 60 in 2017.
The forecast was issued Monday.
