Vancouver home Buyers and Sellers seem confused.
Central 1‘s economic swamis looked into their glass ball and divined an Economic Analysis for British Columbia that may provide some answers for the Vancouver home Buyer Seller malaise.
- Provincial home sales to edge down this year by 2.5% to lowest level since 2001 while median price is forecast to fall 3.5%
- Declines in Metro Vancouver sales to offset gains in other parts of the province
- Annual sales gains forecast for 2013 and 2014 on but activity will remain tempered.
- Northern B.C. housing markets to strengthen on commodities-related investment
- Weak recreational and retiree demand to hamper recoveries in interior and Vancouver Island markets
- Uncertainties in global economy to keep mortgage rates low
- Resale market conditions will feed into declining housing starts in the second-half of 2012 and extend into 2013