BCREA Reports - Average Performance for Housing Market in 2012
By Jaime Briggs, Kelowna Real Estate
For
immediate release
Average Performance for Housing Market in 2012
BCREA
2012 First Quarter Housing Forecast Update
Vancouver,
BC – January 27, 2012. The British Columbia Real Estate Association (BCREA)
released its 2012 First Quarter Housing Forecast Update today.
“Modest economic
growth at home and abroad is expected to limit growth in consumer demand both
this year and in 2013,” said Cameron Muir, BCREA Chief Economist.
BC Multiple
Listing Service® (MLS®) residential sales are forecast to increase 2.1 per cent
from 76,817 units in 2011 to 78,400 units this year, increasing a further 2.7
per cent to 80,500 units in 2013. The 15-year average is 79,000 unit sales. A
record 106,310 MLS® residential sales were recorded in 2005.
"While
European sovereign debt concerns and a sluggish US economy will continue to
impact consumer confidence, strong demand in the bond market is expected to
keep mortgage interest rates at or near record lows for most of 2012,” added
Muir.
Home prices
in most BC markets are forecast to experience little change over the next 24
months as the supply of homes for sale more closely matches consumer demand.
The average MLS® residential price in the province is forecast to edge down 2.2
per cent to $548,500 this year and remain relatively unchanged in 2013, albeit
increasing 0.8 per cent to $553,000.
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To view the
full BCREA Housing Forecast Update, click here.