BCREA Forecasts Home Sales to Rise 5 Per Cent This Year!
By Jaime Briggs, Kelowna Real EstateJuly 3, 2011
For immediate release
Home Sales to Rise 5 Per Cent This
Year
BCREA 2011 Second Quarter Housing
Forecast
Vancouver, BC – June 30, 2011. The British Columbia Real
Estate Association (BCREA) released its 2011 Second Quarter Housing Forecast
today.
BC Multiple Listing Service® (MLS®) residential sales are forecast
to increase 5 per cent from 74,640 units in 2010 to 78,200 units this year,
before increasing a further 3.1 per cent to 80,700 units in 2012.
“Home sales will post some modest gains over the next two years,” said
Cameron Muir, BCREA Chief Economist. “However, positive housing fundamentals
like job growth, rising wages and an expanding population base will be somewhat
offset by higher borrowing costs over the next eighteen months.”
“Following a decade where unit sales broke all records, consumer demand over
the next few years will be relatively moderate,” added Muir. The ten-year BC
MLS® residential sales average is 87,000 units. A record 106,300 MLS®
residential sales were recorded in 2005.
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The full BCREA Housing Forecast is
available at:
www.bcrea.bc.ca/economics/HousingForecast.pdf.