| Tuesday, 07 December 2010 |
| Real estate sales activity in B.C. is expected to lead the country next year, according to a report released Tuesday by RE/MAX. In Greater Vancouver, residential unit sales are forecasted to climb 10% in 2011, followed by an 8% jump in Victoria and a 6% increase in Kelowna. The next area with the highest predicted unit increase in Canada is Windsor-Essex in Ontario, which could see a 5% increase in home sales next year.Still, the real estate agency cautioned that investors should expect a year with greater stability in housing markets across Canada. Housing sales are predicted to mirror 2010 levels at 441,000 units next year, RE/MAX said, while the average price is forecasted to escalate 3% to $350,000 by the end of 2011. “We see steady improvement in provincial and local economies, which will bode well for housing markets across the board,” said Elton Ash, RE/MAX’s regional executive vice-president for Western Canada. “The relentless drive in the market reminiscent of years past will be gone, and instead we can expect to see more normal, balanced market conditions with buyers maintaining a slight edge.”In Greater Vancouver, RE/MAX predicts the average home price will increase 5% next year to $698,250, compared with $665,000 this year. That 5% increase is forecast to be on par with increases in Kelowna, Regina, Saskatoon, Ottawa and Montreal, among others. Source: jmckay@biv.com http://www.bivinteractive.com/index.php?option=com_content&task=view&id=3474&Itemid=32 |
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