BCREA forecasts transition year for BC housing market

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. 

 

Read more: 

http://members.rebgv.org/realtorlink/rebgv/publications/RLzine/RL_may172013/files/Forecast.html

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