Although sales activity in the first quarter of 2011 came in largely as expected, CREA said Monday, multimillion-dollar property sales in Greater Vancouver have surged unexpectedly, prompting the average price forecast to be revised higher.
CREA said the national average home price is forecast to rise four per cent in 2011 and nine-tenths of a per cent in 2012, to $352,500 and $355,800 respectively. The agency said this marks an increase from the previous forecast, and underscores the significant effect that investment in B.C. is having on national results.
“The extent to which high priced sales activity in Vancouver will pitch up the average price locally, for British Columbia and nationally will likely diminish in the next couple of months in line with a seasonal increase in national activity,” CREA’s chief economist Gregory Klump added in a statement.
i agree with this article. vancouver’s housing demand at the upper end is from offshore.