According to the B.C. Real Estate Association, B.C. home prices will rise an average 13 percent to $571,000 this year before edging back 2.5 percent to 557,000 in 2012. They also predicted moderate increase in housing sale for this year and the next.
BCREA chief economist Cameron Muir said that the 13 percent increase is misleading. “The average price in the province is being skewed very high because of a higher proportion of single-detached homes selling in the pricier markets of Vancouver. The average price in the Greater Vancouver area rose 26 percent in May compared to last year, but the benchmark price- the price of a typical home in the region rose only about 5 percent over the same period. “This is a recent phenomenon, the average price used to track the benchmark price pretty well”
The average price in Vancouver area is forecast to rise 17.6 percent in 2011 to $795,000 and then drop three percent in 2012 to $770,000
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