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Bottom Call Thread
12-20-2013, 05:15 PM,
RE: Bottom Call Thread

Good news for homeowners hoping their property value will go up (and bad news for buyers looking for a deal): a new forecast is calling for moderately higher sales and prices across B.C. for the next three years.

Central 1 Credit Union has increased its provincial pricing outlook, citing stronger population and economic growth. It predicts that the median resale house price in B.C. will end this year up about 1.5 per cent, at $388,000, and will increase steadily to $415,000 by 2016. That’s another 1.5-per-cent increase in 2014, followed by 2.5-per-cent bump in 2015 and three-per-cent hike in 2016.

“We are past the bottom in terms of our housing market correction in the post-recession period,” says Central 1 economist Bryan Yu. The bottom was in 2012, when the number of home sales across the province was 63,798, compared to 71,737 the previous year. Central 1 predicts sales to reach 68,085 in 2013, 72,560 in 2014 and 83,750 in 2016.

While the growth appears significant, Yu says the sales level is moderate when the province’s growing population is taken into consideration. Central 1 forecasts B.C.’s population to increase by about one per cent annually, to reach 4.7 million by 2016. At the same time, it expects the B.C. economy to grow two per cent next year and 3.1 per cent in 2015.

“We see a relatively stable environment going forward in most areas,” says Yu. “There isn’t a catalyst for a substantial drop off in pricing.”
Frustration is a leading indicator

Messages In This Thread
Bottom Call Thread - by fixbot - 12-29-2012, 09:22 AM
RE: Bottom Call Thread - by jesse - 01-06-2013, 09:06 PM
RE: Bottom Call Thread - by jesse - 07-09-2013, 08:36 PM
RE: Bottom Call Thread - by jesse - 12-20-2013, 05:15 PM

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