BC Home Sales Forecast to Grow in 2013 – BCREA 2012 Fourth Quarter Housing Forecast
The British Columbia Real Estate Association (BCREA) released its 2012 Fourth Quarter Housing Forecast.
BC Multiple Listing ServiceÂ® (MLSÂ®) residential sales are forecast to decline 9.8 per cent to 69,200 units this year, before increasing 8.3 per cent to 74,920 units in 2013. The fifteen-year average is 79,000 unit sales, while a record 106,300 MLSÂ® residential sales were recorded in 2005.
â€œDespite stronger consumer demand in the interior, BC home sales will fall short of last yearâ€™s total,â€ said Cameron Muir, BCREA Chief Economist. â€œA moderating trend in Vancouver has recently been exacerbated by tighter high-ratio mortgage regulation. The resulting decline in purchasing power has squeezed some potential buyers out of the market. However, strong full-time employment growth, persistently low mortgage interest rates and an expanding population base point to more robust consumer demand in 2013.â€
â€œWhile the average MLSÂ® residential price is forecast to decline 7.6 per cent to $518,600 this year, the change is largely the result of luxury home sales returning to more normal levels after an unusually active 2011,â€ added Muir. In addition, the Lower Mainlandâ€™s share of provincial home sales is expected to decline to 57 per cent this year from 62 per cent in 2011.The average MLSÂ® residential price in BC is forecast to edge up 0.7 per cent to $522,000 in 2013.
If you have any real estate questions or if you are thinking of buying or selling your home, please contact James Louie Chung, Metro Vancouver REALTORÂ® â€” Real Estate Agent at [email protected] or call / text ( 6 0 4 ) 7 1 9 â€” 6 3 2 8 today!