“This morning The Vancouver Real Estate Board just released their BC sales forecast. They have made a projection of BC residential sales that are forecast to increase 8 per cent from 74,640 units in 2010 to 80,900 units this year, and increase another 4 per cent to 83,950 units in 2012.
I agree that the market is very busy right now and there is a shortage of product in certain home styles, however my expectation of price grown is about 5% this year and a slight sideways market next year...The message from a recent post remain relevant for this topic....
“Each and every year nearly 40,000 people immigrate to Vancouver to enjoy the same lifestyle and opportunity that you and I love. With this growth, there’s no reason that the current demand for Vancouver real estate will not continue on the same path. I expect we’ll see some market growth expressed as a 3-5% increase in prices over the next year. Having said that, in 2012 we can expect some slow down as buyers get used to the higher interest rates and then a return to significant growth for 2013. As the demand continues to grow be sure to speak with your REALTOR to negotiate the best deal on your dream home.” Roland Kym, Remax Select Properties
Following is the PDF article from the Vancouver Real Estate Board
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