BC Real Estate Projections - Interior to Lead growth
Hi, I am down at the coast, and thought I would share what the headlines are here from the Burnaby / New West Edition : June 15 - 29 '12 of Realtylink from the Greater Vancouver Real Estate Board are projecting.
"BC interior to lead growth in 2012"
In this article they project that home buying activities are expected to remain moderate through 2013, limited by forces in the global economy limiting expansion in BC. As a whole, they project residential sales to edge back 2.2% to 75,000 units across the province. (Sales have hovered in the 74,000 - 78,000 ranges sind 2009. A record 106,310 properties changed hands in 2005.
The Lower Mainland markets have not repeated the strong first quarter they had in 2011 - leading to a prediction of fewer sales in 2012. Our interior markets are expected to post much stronger results ( Kamloops, Okanagan and in the North - where they expect the strongest year - over -year increases)
The article goes on to predict the BC economy growth at 2.5% this year compared to 2.7% in 2011 - and thus due to the slightness of the projection, they do not expect much downward pressure on the provincial unemployment rate - which they project to hover around 6.5 - 7% for most of the year. A slight acceleration of economic growth in 2013 ( to 2.8%) is predicted to slowly improve the employment picture and spur consumer confidence in the global economy and spending.
Historically low mortgage rates have not been enough to counteract weak employment growth in 2011 which curbed housing demand. HOwever, both employment and consumer spending experienced positive growth in the first four months this year. As a result, housing demand is expected to show improvement in the last half of 2012 and into 2013.
Projections are that the average home price will dip 3.9% this year and regain 1.4% in 2013, lead by markets outside the Lower Mainland. ( Increase in sales where the price is lower is what will cause the decline in 2011 artificially skewed the average sale price last year.
This post was presented by the BC Real Estate Association. Click on the Video below to see the BCREA June Market update
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Brell - Your Okanagan Real Estate Umbrella 250-308-4310
Brenda Ellis REALTOR®
Sutton Group - Lakefront Realty
2749 30 Street, Vernon, BC, V1T 5C6
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