Residential unit sales on the Multiple Listing Service® (MLS®) in BC are forecast to decline 12 per cent to 60,755 units this year, largely the result of a weak first quarter. How-ever, home sales have climbed out of the trough recorded during the winter months, posting double-digit gains for three consecutive months on a seasonally adjusted basis. Despite the recessionary environment, home sales are now more in line with expectations. Home sales going forward will likely mirror the level experienced at the beginning of the decade, before the most recent bull market. Recent elevated sales activity is expected to continue for the balance of the year and through 2010. BC MLS® residential sales are forecast to climb 10 per cent to 66,740 units next year.
1. Sources: CMHC, BCREA Forecast
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