February 8th, 2013
2013 is being described as a transition year by the British Columbia Real Estate Association (BCREA). In its recently released First Quarter Forecast for 2013 the BCREA projects that residential housing sales in the province will edge up 5.6 percent this year – with more than 71,000 units expected to sell across the province. This number is below both the five year sales average (74,600 units) and markedly below the province’s 10 year sales average of 86,800 residential sales. By the end of 2014 BCREA expects sales to have climbed back to nearly 76,000 units.
Closer to home BCREA reported that 6,008 residential sales were recorded in the Vancouver Island Real Estate Board’s (VIREB) coverage area in 2012 – down 5.6% from 2011. However BCREA forecasts a 4.4% increase in housing sales for 2013 to 6,275 units. This gradual upward trend is expected to continue into 2014 when 6,450 residential sales are forecast for the VIREB region – an increase of 2.8% from 2013. Average sales prices during this time frame are expected to show only modest increases. A similar gentle increase in sales is also expected in the Victoria Real Estate Board’s (VREB) coverage area this year, with a 4% increase expected.