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Pent-up demand and low mortgage rates will likely bring double-digit sales growth for B.C.'s real estate market, but more modest increases in 2010, according to a B.C. Real Estate Association forecast report released Friday. On average, residential home sales in B.C. are expected to increase 20% this year from their lows in 2008 to 82,900 units sold. The bulk of the increase is expected to come in the Greater Vancouver housing market, which is expected to rebound 41% to 35,500 units sold compared with a 36% decline to 25,149 units in 2008. Average housing prices are expected to fall 1% this year to $586,000 from $593,767, but rise 6% to $620,000 in 2010. The Fraser Valley is expected to see a 21% increase in sales to an estimated 15,200 from a 30% decline to 12,588 last year. Housing prices are expected to fall 2% this year to $425,000 but rise 5% to $445,000 next year. Increased affordability will also see Victoria's market rebound 21% to 7,450 units, up from a 27% decline to 6,171 in 2008. Increased demand is also likely to boost Victoria's average housing price 6% to $505,000 from $475,000 in 2009. Chilliwack, Vancouver Island and Powell River will also see sales increases, the report said. However, the Okanagan, Kootenays, and B.C.'s North will continue to see declines this year. For 2010, the BCREA forecasts much more modest growth, with an 8% increase in residential sales province wide to 89,600 units. However, the association projects the entire province will see sales growth, with the Interior seeing double-digit percentage growth.
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