SPRING FORECAST
Decline of 9% in the number of housing units sold this year and a further 2% next year is the latest prediction. Home sales in BC were down 14% in the first quarter of the year while listings were up 24%.
Prices of homes will still rise an expected 9% this year and 4% next year. In 2007 the average BC price rose 12% to $438,975.
In Greater Vancouver, last year's multiple listing service average price was $570,795 and by 2009, it's forecasted to increase to $651,000.
The balanced conditions are a relief for home buyers, but sellers will need to be patient.