Stronger economic conditions in BC has the Real Estate Board of Greater Vancouver (REBGV) forecasting that Multiple Listing Service® (MLS®) residential sales will increase 6.3 percent next year. Real GDP growth in the province is forecast to increase from 1.6 percent this year to 2.6 percent in 2014.
While home sales declined through most of 2012, consumer demand picked up steam in 2013, culminating in a year-over-year increase of 43 percent in September. The number of total active listings is down nearly 9 percent and has pulled BC housing markets into balanced conditions. With a stronger than expected pull-back of resale inventories, the average BC home price is now forecast to rise by 4.3 percent to $537,100 this year.
As consumer demand continues an upward trajectory, sellers that have been holding off for stronger market conditions will likely decide to put their homes on the market. The average MLS® residential price in the province is forecast to edge up 2.1 percent to $548,200 in 2014.
Source: REBGV, The Bulletin, Volume 36, Number 4, November 2013.