B.C. home prices stabilizing: BCREA report

BRIAN MORTON VANCOUVER SUN 05/26/2009 14:38

CREA forecast that B.C.'s average price will drop to $423,300, instead of the $406,300 average it forecast earlier.

Housing market conditions are improving more rapidly than expected with the average price for a home in B.C. now predicted to decline five percentage points less in 2009 than forecasted at the beginning of the year, the B.C. Real Estate Association said Tuesday.

"The imbalance between supply and demand was putting significant downward pressure on home prices," BCREA chief economist Cameron Muir said in an interview.

"[But] on the demand side, we've now seen three consecutive months (seasonally adjusted) of double-digit increases in home sales. And on the supply side, the number of homes for sale in Vancouver has declined for six consecutive months.

The imbalance has waned considerably." Muir said that he believes most of the decline in home prices has already occurred and that there's little downward pressure on home prices in Victoria, Vancouver and the Fraser Valley. "There will be much better price stability, especially for the balance of the year."

Source

Add your comment Send Print Report

Add your comment

	Anonymous comment

Anonymous comment

Nickname:	Reserve nickname Reserve nickname Please select nickname you would like to use and choose your password. Nickname: Password: Retype password: Email address:
Password:
	Remember me on this computer