BCREA 2012 Second Quarter Housing Forecast
The British Columbia Real
Estate Association (BCREA) released its 2012 Second Quarter Housing Forecast today.
BC Multiple Listing
Service® (MLS®) residential sales are forecast to edge down 2.2 per cent to 74,800 units this year,
before increasing 4.9 per cent to 78,500 units in 2013. Since 2009, annual
home sales in the province
have hovered in the 74,000 to 78,000 unit range. A record 106,300
MLS® residential sales
were recorded in 2005.
“Despite a sizable
increase in consumer demand in Kamloops, the Okanagan and the North, some moderation
in the Metro Vancouver region will pull BC home sales lower this year,” said Cameron Muir, BCREA Chief
Economist. “Persistently low mortgage interest rates are expected to continue
to underpin home sales and affordability in the province.”
“An increase in the
proportion of home sales in the Interior combined with fewer luxury sales in
Vancouver will cause the
annual average price in BC to decline nearly 4 per cent this year,” added Muir.
The average MLS® residential price in the province is forecast to dip 3.9 per
cent to $539,400 this year, and
increase 1.4 per cent to $547,000 in 2013.
Copyright BCREA reprinted with permission
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