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B.C. real estate sales cool, but prices still expected to rise
May 6, 2008 |
Home sales in B.C. may be cooling off after hitting a record pace in recent years, but prices are expected to continue to rise for the next two years, according to a report released Tuesday. The average residential price for an MLS listing in B.C. climbed 12 per cent to $438,975 in 2007 and is predicted to increase nine per cent to $479,000 in 2008, followed by a modest four per cent increase to $499,000 in 2009, according to the British Columbia Real Estate Association's spring housing forecast.
But after years of under-supply and over-demand driving up prices at double-digit rates, the pace of home sales was down 14 per cent in the first quarter of 2008, while active listings shot up 24 per cent, according to the real-estate association's chief economist, Cameron Muir. "More balance between demand and supply means less upward pressure on home prices. It also reduces the chance of multiple bids on the same home, giving homebuyers more time to investigate properties thoroughly before purchasing," Muir said.
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