The British Columbia Real Estate Association released its 2013 First Quarter Housing Forecast Update today.
MLS residential sales are forecast to
increase 5.6 per cent to 71,450 units this year, before increasing a
further 6.1 per cent to 75,830 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.
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 marketplace over the next year as the
relatively strong financial condition of BC households precludes any
The average MLS residential price in BC
is forecast to edge down nearly 1 per cent to $510,400 this year and
remain relatively unchanged in 2014, albeit up 0.6 per cent to $513,500.