Cory O'Brien

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Transition Year Expected for BC Housing Market

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!

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