The British Columbia Real Estate Association (BCREA) released its Housing Forecast Update for the first quarter of 2011 today stating that the BC housing market is returning to a normal position after several years of volatility.
The BCREA is forecasting that Multiple Listing Service (MLS) sales for British Columbia are expected to increase by 8.0% to 80,900 units in 2011 from the 74,640 units sold in 2010.
They are also predicting a further 4% increase in BC home sales in 2012, rising to 83,950 units from the expected 80,900 units in 2011.
“Employment and population growth will fuel consumer demand over the next two years. However, higher mortgage interest rates and tighter credit conditions for low equity home buyers will limit home sales to below the ten-year average of 87,600 units,” said Cameron Muir, BCREA Chief Economist.
The BCREA is forecasting that Multiple Listing Service (MLS) sales for British Columbia are expected to increase by 8.0% to 80,900 units in 2011 from the 74,640 units sold in 2010.
They are also predicting a further 4% increase in BC home sales in 2012, rising to 83,950 units from the expected 80,900 units in 2011.
“Employment and population growth will fuel consumer demand over the next two years. However, higher mortgage interest rates and tighter credit conditions for low equity home buyers will limit home sales to below the ten-year average of 87,600 units,” said Cameron Muir, BCREA Chief Economist.
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