Consumer demand has strengthened in the interior and northern
markets, with MLS® residential sales forecast to increase 15 per cent in both
the Okanagan Mainline and BC Northern board areas this year. Kamloops and South
Okanagan are also expected to post stronger unit sales. Broad-based economic
recovery and investment in major projects are driving home sales higher in many
BC regions.
The supply of homes for sale is sufficient to meet demand in most
BC regions, with many markets tilted in favour of buyers. Overall, home prices
are expected to remain relatively stable in 2012 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. Average price data for Vancouver
was skewed artificially high in 2011 by a wave of detached home sales in the
priciest neighbourhoods. The anomaly isn’t being repeated this year, with
average residential price statistics reflecting more typical regional mix and
product share patterns. In addition, the Lower Mainland’s share of provincial
home sales is expected to decline to 58 per cent this year from 62 per cent in
2011.
BC housing starts are forecast to increase 1.5 per cent to 26,800
units this year. After climbing significantly in 2011, multiple starts are
forecast to rise 2 per cent to 17,900 units this year and a further 3 per cent
to 18,500 units in 2013. Moderating consumer demand in Vancouver during 2012
will limit the expansion of the housing stock through 2013 as builders and
developers pay close attention to inventory levels.
Copyright BCREA reprinted with permission
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