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2013 Vancouver Real Estate Sales and House Price Expected Up

BC Vancouver Real Estate Board released latest report on October 26, 2012. It showed status of BC real estate market in 2012 and did some projection on 2013 market.

According to the report, residential properties sales volume is down by 9.8% to 69,200 units.
It projected that the total residential property sales will be up by 8.3% to 74,920 units in 2013.
In the past 15 years, the average residential sales was 7,900 units in a year in BC. In 2005 it reached its historic high volume to 106,300 units.

It mentioned that 2012 real estate property sales decreased thanks to the tightening of mortgage so that fewer buyers are qualify for new mortgage if they couldn’t put down enough down payment. With BC employment rate increasing and total population increasing, real estate sales are expected to increase in 2013 provided that mortgage rate will remain the same for 2013.

This year average house price was lowered by 7.6%. It calculated based on sale prices of all types of residential properties i.e. single house, apartment, town house and so on. The decrease of sales price was mainly because of much lowered sales volume of those luxury homes in 2012.

Because the sales volume in Greater Vancouver Area ratio was dropped from 62% (in 2011) to 57% (in 2012) in overall residential property sales in BC, the average house price index was also dropped. However house price is expected to slightly increase by 0.7% in 2013 with sales volume increasing. Whether that price increase happens in Greater Vancouver Area or else where in BC, depends on where employment increase or population increase happens.

I just cover some data for BC as a whole. In different cities or areas, the data could be totally different. For example, situation in West Vancouver, Vancouver westside, Burnaby or Richmond will be various. Please check 2013 Vancouver real estate market predict video. And you are welcome to contact us for any real estate needs.