BCREA 2013 Housing Forecast Update

BC Home Sales to Trend Higher in 2013/2014

Vancouver, BC – January 30, 2013.

BC Multiple Listing Service® (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."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 marketplace over the next year as the relatively strong financial condition of BC households precludes any deflationary spiral."

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.


To view the full BCREA Housing Forecast Update, click here.


For more information, please contact:

Cameron Muir
Chief Economist
Direct: 604.742.2780
Mobile: 778.229.1884
Email: cmuir@bcrea.bc.ca


BCREA represents 11 member real estate boards and their approximately 18,000 REALTORS® on all provincial issues, providing an extensive communications network, standard forms, economic research and analysis, government relations, applied practice courses and continuing professional education (cpe). 

To demonstrate the profession’s commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods. 

For detailed statistical information, contact your local real estate board. MLS® is a cooperative marketing system used only by Canada’s real estate boards to ensure maximum exposure of properties listed for sale.