Where's the market heading?
- According to BCREA & CREA, home sales forecast to decrease in 2012 compared to last year, but not enough to destabilize prices. Both indicate the outlook for 2013 is a slight improvement over 2012.
- For Fraser Valley, BCREA is projecting residential sales overall to decrease by 3.2% (with a 5.5% decrease for detached) this year compared to last, while average prices overall will dip by 1.5% (detached will remain on par with 2011).
- CREA is projecting sales across BC will decrease by 4.5% in 2012 and by 2013 that decrease will shrink to 0.8%. Similarly with prices, CREA is forecasting home prices in BC will decrease by 3.4% this year and by only 0.5% next year.
- Because of overall economic conditions improving, BCREA says the outlook for Fraser Valley in 2013 is more optimistic than this year, while still being offset by gradually rising interest rates. It's projecting sales in the valley will rebound by 3.1% with average prices remaining effectively unchanged with an increase of 0.2% from 2012 to 2013
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