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HOUSING FORECAST POINTS TO MARKET STABILITY IN 2012

Housing Forecast Points to Market Stability in 2012
BCREA 2011 Fourth Quarter Housing Forecast

BC REAL ESTATE ASSOCIATION ECONOMIC UPDATES   Copyright British Columbia Real Estate Association. Reprinted with permission. BCREA makes no guarantees as to the accuracy or completeness of this information.

Vancouver, BC – November 8, 2011.The British Columbia Real Estate Association (BCREA) released its 2011 Fourth Quarter Housing Forecast today.

BC Multiple Listing Service® (MLS®) residential sales are forecast to rise 3.2 per cent from 74,640 units in 2010 to 77,000 units this year, increasing a further 3.9 per cent to 80,000 units in 2012.

“Low mortgage interest rates are expected to persist through 2012 keeping affordability on an even keel,” said Cameron Muir, BCREA Chief Economist. “However, headwinds on the economic front will constrain consumer demand over the next year to below the ten-year average of 87,600 units.” A record 106,300 MLS® residential sales were recorded in 2005.  

“Moderate consumer demand combined with larger inventories of homes for sale means BC housing markets will experience little upward pressure on home prices through 2012,” added Muir. The average MLS® residential price in the province is estimated to rise 11.8 per cent to $564,600 this year, and is forecast to decline 2.5 per cent to $550,500 in 2012. 

Posted by Joseph Martin Tuesday Dec 13, 2011 14:42
Categories: Dream Homes, Finding a Home, Healthy Living, Home Buying, Home Selling, Life Value Real Estate, Quality of Living Real Estate, Real Estae in Canada, Real Estate, Real Estate - Anthropology, Real Estate History, Real Estate in Canada, Real Estate Victoria BC, Recession, Downturn | Tags: bc commercial real estate, bc realty, buy house, buying home, downturn, economy, finding a home, Inspirational Quotes, lifestyle, profits, quality of life real estate, quotes by the great, quotes for life, real estate, real estate in bc, real estate market, real estate psychology, real estate report, real estate satisfaction, real estate victoria bc, realtors bc, recession, sell house, selling home, stock portfolio, victoria bc realtor

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