The British Columbia Real Estate Association (BCREA) released its 2013 Second Quarter Housing Forecast on May 8, 2013.
For the Greater Vancouver area, BCREA is forecasting a 4.5 per cent increase to 26,600 MLS® residential sales for 2013 and an increase of 10.5 per cent for 2014. The average MLS® residential price is forecast to remain virtually unchanged through 2014 and 2015.
"Stricter mortgage credit regulation combined with slower economic growth has kept BC home sales at a cyclical low over the past three quarters," said Cameron Muir, BCREA Chief Economist. "However, a faster growing economy is expected during the second half of the year and through 2014 which will support a growth trend in provincial housing demand.
"BC average home price forecast is revised upward for 2013, from a decline of 1 per cent to remaining unchanged, as a result of stronger than expected market conditions in Vancouver," added Muir. The average MLS® residential price in BC is forecast at $515,800 this year, before rising 1.7 per cent to $524,500 in 2014.