The British Columbia Real Estate Association (BCREA) recently released its 2012 Third Quarter Housing Forecast Update.
BC Multiple Listing Service®
(MLS®) residential sales are forecast to edge down 4 per cent to 73,400
units this year, before increasing 7.5 per cent to 78,900 units in 2013.
Since 2009, MLS® residential sales in BC have ranged between 74,000 to
78,000 units. A record 106,300 MLS® residential sales were recorded in
2005.
“Despite more robust consumer
demand in the Interior, fewer home sales in Vancouver will pull the BC
total lower this year,” said Cameron Muir, BCREA Chief Economist.
“However, a notable growth trend in full-time employment combined with
persistently low mortgage interest rates is expected to boost housing
demand around the province in 2013.”
“MLS® residential prices are
expected to remain relatively stable this year and through 2013, with
changes in average price statistics largely the result of a differing
mix of home types sold and shifting regional demand patterns,” added
Muir. Average price data for Vancouver was skewed artificially high in
2011 by a wave of detached home sales in the priciest neighbourhoods.
Lower Mainland’s share of provincial home sales is expected to decline
to 58 per cent this year from 62 per cent in 2011. The average MLS®
residential price in BC is forecast to decline 7.8 per cent to $517,500
this year, and remain relatively unchanged at $519,000 in 2013.
Source: BCREA
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