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British Columbia – Home sales expected to rise in 2013

British Columbia – Home sales expected to rise in 2013

Vancouver, August 30, 2012 – The British Columbia Real Estate Association (BCREA) released its 2012 Third Quarter Housing Forecast Update today.

BC MLS® residential sales are forecast to edge down 4.0% to 73,400 units this year, before increasing 7.5% to 78,900 units in 2013. Since 2009, MLS® residential sales in BC have ranged between 74,000 to 78,000 units. A record 106,300 MLS® residential sales were recorded in 2005.

"Despite more robust consumer demand in the Interior, fewer home sales in Vancouver will pull the BC total lower this year," said Cameron Muir, BCREA Chief Economist. "However, a notable growth trend in full-time employment combined with persistently low mortgage interest rates is expected to boost housing demand around the province in 2013."

"MLS® residential prices are expected to remain relatively stable this year and through 2013, with changes in average price statistics largely the result of a differing mix of home types sold and shifting regional demand patterns," added Muir. Average price data for Vancouver was skewed artificially high in 2011 by a wave of detached home sales in the priciest neighbourhoods. Lower Mainland's share of provincial home sales is expected to decline to 58% this year from 62% in 2011. The average MLS® residential price in BC is forecast to decline 7.8% to $517,500 this year, and remain relatively unchanged at $519,000 in 2013.

For more information on BC Real Estate, please contact:

Alexandra Axsen
Owner/Managing Broker
Lake Okanagan Realty
Tel: 250.870.2729
Alex@LakeOkanaganRealty.com
www.LakeOkanaganRealty.com 

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