BC Real Estate Market Forecast - Spring 2008
BC Housing Markets to Moderate
BCREA Releases Spring 2008 Housing Forecast
Vancouver, BC — May 6, 2008. BC home sales are retreating from historically high levels, according to the British Columbia Real Estate Association’s (BCREA) spring Housing Forecast, released today. The report analyzes the British Columbia economy and housing markets, including detailed forecasts by home type of the province’s 12 real estate board areas.
“Some weakness on the export side of the economy and eroding affordability will have an impact on housing demand over the next two years,” said Cameron Muir, BCREA Chief Economist. Residential sales on the Multiple Listing Service® (MLS®) are expected to decline 9 per cent to 93,800 units in the province in 2008, and a further 2 per cent to 92,000 units in 2009.