The current downturn in Metro Vancouver's housing market won't continue into 2012, and the recession-like conditions from Vancouver Island to the Kootenays will change to a more balanced market next year.
That's the premise drawn by Western Investor from hours of interviews and conferences held over the past few weeks as experts tried to forecast an industry that not only defines Vancouver but is perhaps the most important economic engine for both the city and the province.
The official forecast is for Metro Vancouver resales to rise 9 per cent and the average overall home price to increase 2.2 per cent from 2011 to $805,000. The average detached house price in the Vancouver area is expected to crack above $1.1 million in 2012.
Another telling conclusion from the Trends conference: the best global real estate investment for 2012 is a single-family detached house in either Vancouver or Toronto. The second is a residential rental in either city.
Source: Western Investor