REAL ESTATE NEWS : British Columbia : Marco Pontillo Marketing Properties

Residential home sales in British Columbia are forecast to increase by about 7% in 2011 with additional increases in the following two years according to a new report from Credit 1. While forecast reports from BCREA, CREA and CMHC are based on MLS sales data, the Credit 1 report released on March 2, 2011 is unique in that it measures total home sales including market arms-length residential transactions with both new and resale home transactions as determined by BC land title transfers. According to the report, total home sales in British Columbia for 2009 were at 99,612 units, which then decreased by 11% to 89,136 units in 2010. BC total home sales are forecast to increase by 7% to 95,500 units in 2011 as both resale and new home purchases increase and rise a further 2% to 97,500 units in 2012 and a robust 15% to 112,000 units in 2013 according to the report.