2012 is close, let the market speculation begin!

As we get closer to the end of 2011, lots of speculation will begin around what 2012’s real estate market will look like. According to the British Columbia Real Estate Association (BCREA), recent forecasts point to a stable market in 2012: a small increase in sales and a small decrease in average home price.

“Low mortgage interest rates are expected to persist through 2012 keeping affordability on an even keel,” said Cameron Muir, BCREA Chief Economist. “Moderate consumer demand combined with larger inventories of homes for sale means BC housing markets will experience little upward pressure on home prices through 2012.”

The BC Multiple Listing Service (MLS®) forecasts that residential sales across the province will rise 3.9 per cent over the next year from 77,000 units to 80,000 units. However, the average price of homes across the province is expected to decline 2.5 per cent to $550,500 in 2012.

For more information about the BCREA’s forecast, click here. If you’re thinking about buying or selling in the Greater Vancouver Area, contact Gene or Bill Watt.