According to the BC Real Estate Association (BCREA), Housing sales across BC will rise 5.6% this year and accelerate further to 6.1% next year. This puts the activity above the five year sales average for BC.
The BCREA forecasts that MLS residential sales will reach 71,450 units this year and increasing to 75,830 units in 2014. The five year average is 74,600.
"2013 is shaping up to be a transition year in the BC housing market," said Cameron Muir, BCREA chief economist. "The groundwork has already begun for stronger housing demand as a significant number of part-time jobs in BC were converted into full time employment last year."
"Residential values are expected to be on a more solid footing in 2013 as lower prices, both actual and inflation adjusted, have improved affordability. Many potential buyers that stayed on the sidelines in 2012 will likely enter the market over the next year due to the relatively strong financial condition of BC households."
The average MLS home price in BC is forecast to drop only 1% to $510,400 this year and then rise 0.6% to $513,500 in 2014. (Keep in mind this $ amount is average in BC. If you want prices in a specific area, please call me).
In a release this week, Central 1 Credit Union said the provincial economy, "will shift to a higher gear later in 2013 and beyond" due to a recovery in the US economy and higher employment in BC. "Real GDP growth is forecast to inch ahead by 2.2% in 2013 before accelerating to 2.8% in 2014 and averaging 3.7 % in 2015 to 2017", The Credit Union Reports.
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