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Today, I will going through some forecasts done by companies on BC Real Estate : Marco Pontillo news : Blog
Are you thinking of buying a house in the next year or maybe the next 3 years? with Marco Pontillo?
Well, the time is now according to a couple of reports that have been released for British Columbia, Canada real estate !
Residential home sales in British Columbia are forecast to increase by about 7% in 2011 with additional increases in the following two years according to a new report from Credit 1.
While forecast reports from BCREA, CREA and CMHC are based on MLS sales data, the Credit 1 report released on March 2, 2011 is unique in that it measures total home sales including market arms-length residential transactions with both new and resale home transactions as determined by BC land title transfers.
BC total home sales are forecast to increase by 7% to 95,500 units in 2011 as both resale and new home purchases increase and rise a further 2% to 97,500 units in 2012 and a robust 15% to 112,000 units in 2013 according to the report.
Sales activity in 2011 is expected to be somewhat front-loaded, as buyers move up their purchases to beat the tighter Canadian mortgage rule changes taking effect on March 18, 2011 and April 18, 2011.
"Metro Vancouver will observe the strongest uptick in early-year activity, given the higher proportion of local buyers and higher prices in those areas," added Yu.
The March 2, 2011 Credit 1 report states:
Housing transactions are comprised of both existing and new home sales. Last year's decline largely reflected a significant drop in sales of newly-built apartment condominiums (-49%) and townhome/ duplex units (-19%) as builders curtailed activity in the aftermath of the recession. New home transactions trended lower heading into 2011, but are expected to rise as the year progresses, reflecting the rising trend in multi-family housing starts in 2010. New home transactions are forecast to rise 10% in 2011 to 17,800 units, followed by increases of 25% and 4% in 2012 and 2013.
Resale transaction activity has risen in each consecutive month following a mid-2010 trough. The market upswing that began in the second half of 2010 is forecast to persist into the first half of 2011 before tailing off during the second half of the year. Total resale transactions are forecast to rise 4% in 2011, before edging down 3% in 2012. A fully recovered economy, combined with pent-up demand, will lead to a 19% rise in resale transactions in 2013.
Multi-family home sales are expected to lead growth over the forecast horizon reflecting relatively stronger sales activity and increased construction in larger urban markets such as Metro Vancouver and the Capital region. In these regions, apartment condominiums comprise a more substantive component of the market, reflective of their relative affordability compared to single detached homes and proximity to transit hubs and amenities. By 2012-2013, multi-family sales will be further supported by a rebound in demand for recreational and retirement properties, which will fuel growth on Vancouver Island and in the Okanagan and Kootenays regions.
During the three-year forecast period, home sales are expected to be strongest in the Metro Vancouver area of British Columbia. Despite tightened mortgage insurance rules and modest increases in mortgage rates, the report states that stable levels of net in-migration and improved economic conditions will bolster sales in Metro Vancouver.
The BC economy is expected to continue benefiting from strong commodity markets and trade-related activity, which will keep housing activity on an upward trend through the forecast horizon.
Well, after reading that report...what are your thoughts?
We have sought after real estate, especially on the North Shore, due to the community well known for its cleanliness and public offerings!
If you are thinking of buying real estate in the next little bit, why not give me a call to discuss your interests!
Thanks for reading, i hope this brings light into the future!
Sincerly, Marco Pontillo Marketing Properties
West Coast Realty on the North Shore
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