Real Estate Sales Expected to Increase in Third Quarter

Thursday, August 27, 2009 10:59 AM

The British Columbia Real Estate Association has released its Forecast Update for the third quarter of 2009, and the forecast is positive.

BC Multiple Listing Service® (MLS®) residential sales are forecast to climb 15 percent from 68,923 units in 2008 to 79,400 units this year, just below the ten-year average of 82,800 units. Residential sales in 2010 are forecast to rise an additional 6 percent to 84,200 units. For comparison, a record 106,310 units were sold in 2005.

“After 12 months of significant volatility in BC’s housing markets, greater stability is expected through 2010,” said Cameron Muir, BCREA Chief Economist. “Robust housing demand is a strong signal that the economy is coming out of the recession, with a recovery in the broader economy expected to develop over the next three quarters.”

“Home sales have doubled since January, with prices edging higher in Metro Vancouver and Victoria in recent months,” said Muir. The average annual MLS® residential price in the province is forecast to reach $451,200 in this year, down 1 per cent from a record $454,599 in 2008.

“Market conditions vary depending on the region of the province,” added Muir. “While the Metro Vancouver and Victoria markets have rebounded sharply, interior markets are demonstrating a more gradual trend toward balance between supply and demand.”

BC housing starts are forecast to increase 25 per cent 18,500 units next year after a dismal 2009. Housing starts are forecast to decline 57 per cent to 14,800 units this year, the lowest level of activity since 2000.

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Posted on Thursday, August 27, 2009 10:59 AM in News by 250 News

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Comments

Posted by: Loki on August 27 2009 1:07 PM

The economy is in the tank.
we have the highest unemployment in more than a decade.
The HST is about to add 7 to 12 percent to the cost of buying real estate.

Now they want us to believe that the real estate industry is in recovery?

On what planet do they live and can I have some of those drugs.

Posted by: camoose on August 27 2009 2:58 PM

If I keep reading these blurbs from the real estate sector I'll probably rush right out and buy a million plus house out of my pension. LOL I wonder, do they actually employ someone full time to write this garbage.

Posted by: EatsBushesShoots&Leaves on August 27 2009 4:00 PM

So you guys are saying you wanna buy my house? Right?

Posted by: acrider54 on August 27 2009 5:08 PM

Of course everyone is headed out of town, but who's going to buy?

Posted by: Outwest on August 27 2009 8:45 PM

451200 for an OSB Shack, where will it end?

Posted by: Wolfie on August 27 2009 9:25 PM

And in other news, car salesmen say that this is a great time to buy a car, Cougars management says that this year's team will be competitive, and that annoying guy on TV says that Sham-Wow will replace a lifetime's supply of Bounty.

I sure hope that the BCREA paid you for this advertisement, Opinion 250, because this press release isn't news.

Posted by: lmorge on August 28 2009 3:08 PM

Just there attempt to start another bubble. After all, its made up of realtors who must make a living on sales and percentages. Just wait till the HST kicks in...they will have to charge extra fees.

Posted by: bitter on August 28 2009 11:13 PM

First of all we need to take back our City and make it normal again and send all these services we have to other places, do some tough love. I would like to move to another area as my neighbourhood has been allowed to be distroyed just like the downtown. We need more council members like Brian , We need some council members with some Guts, instead of worring about clean air, and how many social services we can bring into the City , The Pedophile services we don't need, where are they?? realtors need to support their familys just like the people from Rustads Mill.

Posted by: Harbinger on August 29 2009 6:56 PM

I look forward to things picking up in Tyner Estates. They seem to have hit the wall. Maybe this prediction will be good enough to give them a second wind.