BCREA 2011 Second Quarter Housing Forecast

(June 29, 2011 , posted in BCREA Monthly Update)

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.

As a Vancouver real estate consultant, my business grows by building strong client focussed relationships. I would welcome the opportunity to answer any questions about the real estate market.

If you would like to find out how much your condo/house is worth in today's market, to discuss listing your home or buying a new home, please contact me on (604) 781-5692 or via email - tim@timwray.ca

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