Prince George, B.C.- The British Columbia Real Estate Association (BCREA)  is predicting an increase in home sales in the Interior, but the easing of the Metro Vancouver market will mean an overall drop in home sale numbers in the province.

 

The BCREA predicts  over all residential sales in B.C. to edge down 2.2 per cent to 74,800 units this year, before increasing 4.9 per cent to 78,500 units in 2013.

 

Since 2009, annual home sales in the province have hovered in the 74,000 to 78,000 unit range. A record 106,300 MLS® residential sales were recorded in 2005.

 

"Despite a sizable increase in consumer demand in the North, Kamloops and the Okanagan, some moderation in the Metro Vancouver region will pull BC home sales lower this year,” said Cameron Muir, BCREA Chief Economist. “Persistently low mortgage interest rates are expected to continue to underpin home sales and affordability in the province."  

 

The lower prices of homes in the Interior will also have an impact on the overall average price in B.C. says Muir "An increase in the proportion of home sales in the Interior combined with fewer luxury sales in Vancouver will cause the annual average price in BC to decline nearly 4 per cent this year.”

 

The average MLS® residential price in the province is forecast to dip 3.9 per cent to $539,400 this year, and increase 1.4 per cent to $547,000 in 2013.