British Columbia Real Estate Association forecasts that the average residential price in the province will increase 13%
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The British Columbia Real Estate Association forecasts that the average residential price in the province will increase 13 per cent to $571,000 this year, before edging back 2.5 per cent to $557,000 in 2012.
“Due to high demand, low interst rates, stable Canadian economy and Asians safe heaven to invest in Vancouver Real Estate are few of the reasons ” says Navtaj Chandhoke, founder of Professional Real Estate Investors Group (PREIG) Canada.
The British Columbia Real Estate Associationalso predicted a moderate increase in housing sales in 2011 and 2012.
The average price in the Greater Vancouver area rose 26% in May compared to May 2010, but that the benchmark price -the price of a typical home in the region -rose only about five per cent over the same period.
After declining 12 per cent in 2010, residential unit sales through MLS are forecast to rise five per cent in B.C. to 78,200 units in 2011 and a further three per cent to 80,700 units in 2012.
Highest number of residential sales were 106,300 in 2005.
For Greater Vancouver, the sales -after declining 14 per cent to 31,144 units in 2010 -are forecast to rise 8.5 per cent to 33,800 units this year. The total housing starts in Vancouver are forecast to increase 6.5 per cent to 16,200 units in 2011 and another two per cent to 16,550 in 2012.
The average price in the Vancouver area is forecast to rise 17.6 per cent in 2011 to $795,000 and then drop three per cent in 2012 to $770,000.
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