The British Columbia Real Estate Association (BCREA) released its 2013 Second Quarter Housing Forecast today and it is forcasting that 2013 is going to be a transition year in the Real Estate Market.
BC Multiple Listing Service® (MLS®) residential sales are forecast to edge up 1.9 percent to 68,900 units this year, before increasing a further 6.5 percent to 73,400 units in 2014. The five-year average is 74,600 unit sales, while the ten-year average is 86,800 unit sales. A record 106,300 MLS® residential sales were recorded in 2005.
"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."
"The BC average home price forecast is revised upward for 2013, from a decline of 1 percent 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 percent to $524,500 in 2014.
So it looks as though the Real Estate Market in Vancouver is on the way up. Let me know if you would like to receive a Current Market Evaluation for you home or if you would like to receive home listings emailed to you up to 2 days prior to them being advertised to the general public. I am always available to answer any questions and provide any Real Estate information you would like to receive. Contact me today!