B.C.'s residential home sales are predicted to grow 6.3 per cent next year as the housing market moves into balanced territory, favouring neither sellers nor buyers, says the B.C. Real Estate Association.
The association's Fourth Quarter Housing Forecast shows a positive outlook for 2014 after home sales declined through 2012 before recovering this year. Sales are expected to jump to 76,200 units next year after rising just over six per cent in 2013 as consumer demand picked up, bringing home sales to long-term average levels.
Ramped-up consumer demand has come at the same time as listings have fallen nine per cent this year, potentially pushing the average home price up 4.3 per cent to $537,100 this year and another 2.1 per cent to $548,200 in 2014.
Housing starts, however, are expected to see slower growth, falling five per cent to 26,100 units this year before jumping 3.8 per cent to 27,100 units in 2014.
The average Greater Vancouver home price on the Multiple Listing Service (MLS) is expected to increase 4.8 per cent this year to $765,000 and rise a further 0.9 per cent to $772,000 next year.
However, consumer demand in the Vancouver area is expected to flatten due to weak economic growth and slow employment gains.
Courtesy The Huntington Post