BCREA Predicts Second Best Year for Vancouver Real Estate Sales

September 8th, 2007 Categories: Real Estate News, Vancouver Real Estate

BCREA says 2007 to be second best year ever for home sales.

Residential sales will hit 101,000 just behind the 106,310 home sales recorded in 2005. The ten-year average is just under 78,000 units. “Exceptionally strong consumer demand over the summer months has changed the outlook for this year from declining home sales to the second highest on record,” said Cameron Muir, Chief Economist of the British Columbia Real Estate Association:

“While eroding affordability is squeezing some potential buyers out of the market, the housing stock is increasingly diverse, providing a mix of home types that appeal to a wide consumer market.”

BC home prices are also on the rise. The average MLS residential price is forecast to climb 12% to $437,000 this year (18% last year). Muir expects BC housing starts to decline by 7% to 33,900 and a further 4% to 33,000 units in 2008.

For the full forecast report go to BCREA.