- The British Columbia Real Estate Association (BCREA) released its Housing Forecast for the first quarter of 2011
- Residential sales are forecast to increase 8 per cent from 2010 and increase another 4 per cent to 83,950 units in 2012
- “British Columbia housing markets are returning to normalcy after two years of volatility,”said Cameron Muir, BCREA Chief Economist.
- “Employment and population growth will fuel consumer demand over the next two years.
- However, higher mortgage interest rates and tighter credit conditions for low equity home buyers will limit home sales to below the ten-year average of 87,600 units.”
- The inventory of homes for sale is expected to edge higher as the number of new listings to the market advances during the first two quarters of 2011,
- “Regional market differences continue in the province, with Vancouver trending into a seller’s market, while the Okanagan, Kootenay and Kamloops markets trend from a buyer’s market toward balanced conditions.”
The average MLS® residential price is forecast to increase 2 per cent to $517,000 this year and remain relatively unchanged in 2012, albeit declining by 0.4 per cent to $515,400.