The British Columbia Real Estate Association (BCREA)
released its 2013 Fourth Quarter Housing Forecast today.
BC Multiple Listing Service® (MLS®) residential sales are
forecast to increase 6 per cent to 71,700 units this year, before increasing a
further 6.3 per cent to 76,200 units in 2014. The five-year average is 74,600
unit sales, while the ten-year average is 86,800 unit sales. A record 106,300
MLS® residential sales were recorded in 2005.
"Consumer demand has bounced back after waning for
most of 2012,” said Cameron Muir, BCREA Chief Economist. “With higher interest
rates on the horizon, many potential homebuyers are choosing to lock in a
mortgage sooner rather than later. However, rather than signaling a return to
frenetic home buying activity and accelerating markets, consumer demand is
simply transitioning back to its long term average."
The average MLS® residential price forecast for the
province has been revised upward from a 3.3 to a 4.3 per cent increase to
$537,100 this year, as a result of stronger than expected market conditions in
Vancouver. The average MLS® residential price in BC is forecast to increase a
further 2.1 per cent to 548,200 in 2014.
Copyright BCREA - reprinted with permission
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