BC Housing Stats – Forecast is for a Stronger Market for 2011 & 2012
March 6, 2011 Leave a comment
With Home Sales Improving, it’s a good Time to Position your Firm for Market Leadership
The BCREA is forecasting a great year ahead for the BC real estate industry. Home sales are expected to climb 8% in 2011. This is a great news for realtors depressed by December’s sales performance. Province wide, there were 4258 units sold in December 2010 compared to 5,647 units sold in November 2010. 1819 homes were sold in January in the Greater Vancouver area. The total number of MLS listings in Greater Vancouver increased by 5.8% in January to 10,438 from December.
BC MLS residential sales forecast is for a 8% from 74,640 units last year to 80,900 units in 2011. And, they’re forecasting another 4% to 83,950 units in 2012. BCREA Chief Economist, Cameron Muir said “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.”
He added, “Total active residential listings in the province declined 14 per cent since last spring. However, the inventory of homes for sale is expected to edge higher as the number of new listings to the market advances during the first two quarters of 2011,” added Muir. “Regional market differences continue in the province, with Vancouver trending into a seller’s market, while the Okanagan, Kootenay and Kamloops markets trend from a buyer’s market toward balanced conditions.”
With BC’s economy improving and the afterglow of the Olympics, it has one of the best outlooks of any Canadian province. If you’re looking to take your real estate marketing to the next level and build more real estate leads and sales, then Realty Market Leader is the right consultant to make it happen.