BCREA has some interesting stats for all of us involved in Vancouver Real Estate. The report sugests that the Real Estate Market in 2012 will be moderate and the number of sales will slight beat 2011. I do believe this is true. The reason why I think this is accurate is due to the reduction of prices coming next year and already occuring in smal pockets accross the lower mainland. Current reports have shown that the Real Estate market prices will dip up to 5% in 2012 which will bring buyers back to the market to purchase homes and stop a further price drop from happening.
Knoweldge is power.
The British Columbia Real Estate Association (BCREA) released its 2011 Third Quarter Housing Forecast Update today.
BC Multiple Listing Service® (MLS®) residential sales are forecast to increase 3.8 per cent from 74,640 units in 2010 to 77,500 units this year, increasing a further 3.6 per cent to 80,300 units in 2012.
“Slower than expected employment growth is expected to keep BC home sales below their ten-year average through 2012,” said Cameron Muir, BCREA Chief Economist. “However, weaker global economic growth and recent uncertainty in the equity markets points to continued low mortgage interest rates which will help underpin housing demand.”
“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 87,600 units. A record 106,300 MLS® residential sales were recorded in 2005.